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Pricing Startegy
Module 1 - Quiz 1
| Question | Answer |
|---|---|
| What is It is incurred when a resource is used for some purpose? | Cost |
| What are assembled into meaningful groups called by type of cost or source? | Cost pools |
| What are assembled into groups of resources such as labor, materials, utility, etc.? | Cost pools |
| What is Depends on the demand and supply or on the people’s price? | Market-based pricing |
| What is Price is based on the cost? | Cost-based pricing |
| What is Pricing done through benchmarking with competitors? | Competitor-based pricing |
| What is Price determined by adding a markup? | Cost-plus pricing |
| What is Any factor that changes the level of total cost? | Cost Driver |
| What is Any product, service, customer, activity, or organizational unit to which costs are assigned for management purposes? | Cost Object |
| What is the combination of cost pools or the outcome of the costing process? | Cost Object |
| What is the process of assigning costs to cost pools or from cost pools to cost objects? | Cost assignment |
| What are costs that can be conveniently and economically traced to a cost pool or cost object? | Direct costs |
| What are costs that cannot be conveniently or economically traced to a cost pool or cost object? | Indirect costs |
| What is assignment of indirect costs to cost pools and cost objects using cost drivers? | Cost allocation |
| What are also called cost drivers? | Allocation basis |
| What is cost of materials directly traceable to outputs including purchase price plus freight minus discounts and allowances? | Direct material costs |
| What is cost of materials not directly traceable to outputs such as lubricants, rags, and small tools? | Indirect material costs |
| What is labor directly traceable to outputs including wages and nonproductive time? | Direct labor costs |
| What is labor not directly traceable to outputs such as supervision and inspection? | Indirect labor costs |
| What are indirect manufacturing costs including indirect materials and indirect labor? | Overhead costs |
| What is direct materials plus direct labor? | Prime costs |
| What is direct labor plus overhead? | Conversion costs |
| What is factors used by management accountants to assign costs and explain cost behavior? | Cost drivers |
| What are developed at a detailed operational level using activity analysis? | Activity-based cost |
| What are developed based on output volume or quantity of service? | Volume-based cost |
| What facilitate long-term strategic decision making involving scale, experience, technology, and complexity? | Structural cost |
| What facilitate short-term operational decision making? | Executional cost |
| What is change in total cost with changes in cost driver quantity? | Variable cost |
| What is cost that does not change with cost driver quantity? | Fixed cost |
| What is cost containing both fixed and variable components? | Mixed cost |
| What is cost that changes in steps as volume changes? | Step cost |
| What facilitate strategic decisions involving long-term effects such as scale, experience, technology, and complexity? | Structural cost drivers |
| What facilitate operational decisions involving workforce, production design, and suppliers? | Executional cost drivers |
| What include only costs needed to complete production or bring product to point of sale? | Product cost |
| What include all non-manufacturing costs such as selling and administrative expenses? | Period costs |
| What starts with raw materials and includes raw materials inventory, work-in-process, and finished goods? | Manufacturing companies |
| What starts with purchased merchandise and includes product inventory? | Merchandise companies |
| What include accuracy, timeliness, and cost-value tradeoff of information? | Qualitative attributes of cost information |
Created by:
lykieee