BUS 1350 – Exam 3, 2026 – Study guide and practice material

BUS 1350 – Exam 3, 2026 – Study guide and practice material


cost volume profit - correct answer ✔✔ studies the relationship between these components
and is a decision-making tool



variable expenses - correct answer ✔✔ expenses that change in proportion to production
volume



fixed expenses - correct answer ✔✔ expenses that must be paid regardless of sales volume, like
salaries, insurance, administrative overhead



mixed expenses - correct answer ✔✔ expense that is part variable and part fixed



break even - correct answer ✔✔ fixed expenses/(sales price/unit - variable expense/unit)



goal seek - correct answer ✔✔ allows you to change the value in a formula cell by varying one
of the components in the formula but is limited bc it can only change by one assumption at a
time



one-way data table - correct answer ✔✔ contains ONE input cell and ANY number of result cells



two-way data table - correct answer ✔✔ contains TWO input cells and ONE result cell



array function - correct answer ✔✔ requires you to use CTRL + SHIFT + ENTER unless you're
using a dialog box



define names - correct answer ✔✔ before using scenario manager you need to: