Solved

Match the Following Terms with the Definitions Below

Question 103

Matching

Match the following terms with the definitions below.

Premises:
The process of changing key variables to determine how a prior outcome is impacted by the change in the variable.
The study of how costs and profits change in response to changes in the volume of goods and services provided to consumers.
A past cost that is not relevant in short-term decisions.
The point where the total cost line intersects the total revenue line.
The additional cost associated with an alternative
The relative proportions of units of products sold in a multiple-product company.
A cost or revenue that will occur in the future and that differs among the alternatives considered.
Total sales less total variable cost at a given point of activity.
Responses:
Sensitivity Analysis
Cost-volume-profit analysis
Contribution Margin
Sunk Cost
Relevant Variable
Sales Mix
Breakeven Point
Incremental Cost

Correct Answer:

The process of changing key variables to determine how a prior outcome is impacted by the change in the variable.
The study of how costs and profits change in response to changes in the volume of goods and services provided to consumers.
A past cost that is not relevant in short-term decisions.
The point where the total cost line intersects the total revenue line.
The additional cost associated with an alternative
The relative proportions of units of products sold in a multiple-product company.
A cost or revenue that will occur in the future and that differs among the alternatives considered.
Total sales less total variable cost at a given point of activity.
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