1) The binomial distribution can be used
when there are a small number of states of nature and/or alternatives.
2) Cost volume analysis deals only with
costs while break-even analysis deals with both costs and revenues.
3) σ describes the dispersion or spread of
the normal distribution.
4) When computing Z for a break-even
analysis: as σ increases, Z decreases.
5) In many business break-even analyses,
the normal distribution can be used to estimate demand.
6) If a variable other than demand is
random (price, fixed or variable cost, etc.) the problem of break-even analysis
becomes much more complex.
7) Using EOL requires one to identify the
loss per unit when sales are below the break-even point.
8) The unit normal loss integral can be
used to compute EOL.
9) EVPI and minimum EOL are equivalent.
10) In determining the EOL with the normal
distribution, as D increases, the unit normal loss integral, N(D), also
increases.
11) In many business decisions, there are
numerous states of nature and/or alternatives. These problems are best handled
by
A) constructing a large decision table and
using Excel.
B) constructing a large decision tree.
C) using the normal distribution.
D) using the integral loss distribution.
E) None of the above
12) The price/unit minus the variable
cost/unit is
A) loss/unit when sales are below the
break-even point.
B) the break-even point.
C) the Z value.
D) EOL.
E) None of the above
13) If fixed costs were to double
unexpectedly, the break-even point would be
A) unaffected.
B) doubled.
C) halved.
D) increased by a factor of four.
E) None of the above
14) If the price/unit were doubled at the
same time that the variable cost/unit doubled, the break-even point would be
A) unaffected.
B) doubled.
C) halved.
D) increased by a factor of four.
E) None of the above
15) If variable cost/unit falls, the fixed
cost rises, and the selling price/unit remains constant, the break-even point
A) stays the same.
B) decreases.
C) increases.
D) None of the above
E) Unable to say without more information
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