Solved

Shown Below Are Terms or Phrases Preceded by Letters a Through

Question 247

Matching

Shown below are terms or phrases preceded by letters a through j followed by a list of definitions.Match the terms or phrases 1 through 10 with the correct definitions by placing the letter of the term or phrase in the answer space provided at the beginning of each definition.

Premises:
A statistical method for identifying cost behavior that is more precise than the high-low method and a scatter diagram.
A company's normal operating range of production volume; excludes extremely high and low operating levels that are unlikely to recur.
The amount that the sale of one unit contributes toward covering fixed costs and generating profit.
A cost that includes both fixed and variable cost components.
A cost that remains unchanged in total amount despite variations in the volume of activity within a relevant range.
A cost that changes in total in proportion to changes in volume of activity.
A business planning tool that helps managers predict how changes in costs and sales levels affect profit.
A cost that changes as volume changes,but at a nonconstant rate.
A line drawn on a graph to reflect the relation between cost and unit volume.
A cost that remains constant over limited ranges of volumes of activity but shifts to another level when volume changes significantly.
Responses:
Variable cost
Cost-volume-profit analysis
Curvilinear cost
Fixed cost
Least-squares regression
Mixed cost
Estimated line of cost behavior
Contribution margin per unit
Step-wise cost
Relevant range of operations

Correct Answer:

A statistical method for identifying cost behavior that is more precise than the high-low method and a scatter diagram.
A company's normal operating range of production volume; excludes extremely high and low operating levels that are unlikely to recur.
The amount that the sale of one unit contributes toward covering fixed costs and generating profit.
A cost that includes both fixed and variable cost components.
A cost that remains unchanged in total amount despite variations in the volume of activity within a relevant range.
A cost that changes in total in proportion to changes in volume of activity.
A business planning tool that helps managers predict how changes in costs and sales levels affect profit.
A cost that changes as volume changes,but at a nonconstant rate.
A line drawn on a graph to reflect the relation between cost and unit volume.
A cost that remains constant over limited ranges of volumes of activity but shifts to another level when volume changes significantly.
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