OMGT TEST 1 QUESTIONS AND
ANSWERS
Revenue = 500 and Cost = 1500, then what is Profit? - Correct Answers --1000
If Profit is more than $1000 when fixed costs are $5000 when producing 100 units, then
the variable costs is? - Correct Answers -Indeterminate, since not enough information is
provided to solve the problem.
If variable costs increase, ceteris paribus, then the break-even point - Correct Answers -
increases
If the break-even point is 2000 units when fixed cost is $2000 and the variable cost is
$10, then the price is? - Correct Answers -11
Calculate the standard deviation of: 2, 3, 7 - Correct Answers -2.6
If the mean of a data set is 10, and its standard deviation is 25, then a data point with a
value of 75 ... - Correct Answers -is a mid outlier
If price = $40, variable cost = $20, and fixed cost is $10,000, then for a Profit of $5000,
the quantity sold must be - Correct Answers -750
If Costs decrease, ceteris paribus, then Profit - Correct Answers -must increase
What is the break-even point when fixed costs are $2000, price is $20 and variable
costs are $10? - Correct Answers -less than 250 units
If the mean of a data set is 50 and its standard deviation is 10, then a data point with a
value of 65 is - Correct Answers -not an outlier since its standardized value
If price is $50, variable cost is $25, and fixed cost is $5500, then what is Profit for a
production quantity of 100 units? - Correct Answers --1000
If fixed costs decrease, ceteris paribus, then the break-even point - Correct Answers -
must decrease
What is the break-even point when fixed costs are $1000, price is $10, and variable
costs are $5? - Correct Answers -200
, If the mean of a data set is 65 and its standard deviation is 10, then a data point with a
value of 50 is ... - Correct Answers -not an outlier
If the mean of a data set is 65, and its standard deviation is 50, then a data point with a
value of 10 - Correct Answers -is not an outlier
If price is $40, variable cost is $20, and fixed cost is $1500, then what is Profit if the
quantity sold is 50 units? - Correct Answers -between -1000 and +1000
If Revenues decrease, ceteris paribus, then Profit - Correct Answers -must decrease
If price is $50, variable cost is $25, and fixed cost is $5500, then what is the quantity
sold if Profit is $5000? - Correct Answers -more than 400
If price increases, ceteris paribus, then the break-even point - Correct Answers -
decreases
If the break-even point is 200 units, when price is $25 and variable cost is $10, then
fixed costs are? - Correct Answers -3000
The most common measure of central tendency reported is - Correct Answers -average
One simple determination of whether or not a data point is an outlier is to calculate its
standardized residual and compare - Correct Answers -... its absolute value to 2 for a
mild outlier and to 3 for an extreme outlier
If Cost = 1500 and Profit = 500, then what is Revenue? - Correct Answers -2000
If price is $50, variable cost is $25, and fixed cost is $5500, then what is Profit for a
production quantity of 100 units? - Correct Answers -less than -1000
If the margin decreases, ceteris paribus, then the break-even point - Correct Answers -
increases
If the break-even point is 5000 units when fixed costs are $5000, then the price is? -
Correct Answers -Between 1 and 10
If the mean of a data set is 10, and its standard deviation is 75, then a data point with a
value of 25 - Correct Answers -is not an outlier
If Profit = $15,000 with fixed cost = $10000 and variable costs of $40, then what is the
price? - Correct Answers -Indeterminate, since not enough info is provide to solve the
problem
ANSWERS
Revenue = 500 and Cost = 1500, then what is Profit? - Correct Answers --1000
If Profit is more than $1000 when fixed costs are $5000 when producing 100 units, then
the variable costs is? - Correct Answers -Indeterminate, since not enough information is
provided to solve the problem.
If variable costs increase, ceteris paribus, then the break-even point - Correct Answers -
increases
If the break-even point is 2000 units when fixed cost is $2000 and the variable cost is
$10, then the price is? - Correct Answers -11
Calculate the standard deviation of: 2, 3, 7 - Correct Answers -2.6
If the mean of a data set is 10, and its standard deviation is 25, then a data point with a
value of 75 ... - Correct Answers -is a mid outlier
If price = $40, variable cost = $20, and fixed cost is $10,000, then for a Profit of $5000,
the quantity sold must be - Correct Answers -750
If Costs decrease, ceteris paribus, then Profit - Correct Answers -must increase
What is the break-even point when fixed costs are $2000, price is $20 and variable
costs are $10? - Correct Answers -less than 250 units
If the mean of a data set is 50 and its standard deviation is 10, then a data point with a
value of 65 is - Correct Answers -not an outlier since its standardized value
If price is $50, variable cost is $25, and fixed cost is $5500, then what is Profit for a
production quantity of 100 units? - Correct Answers --1000
If fixed costs decrease, ceteris paribus, then the break-even point - Correct Answers -
must decrease
What is the break-even point when fixed costs are $1000, price is $10, and variable
costs are $5? - Correct Answers -200
, If the mean of a data set is 65 and its standard deviation is 10, then a data point with a
value of 50 is ... - Correct Answers -not an outlier
If the mean of a data set is 65, and its standard deviation is 50, then a data point with a
value of 10 - Correct Answers -is not an outlier
If price is $40, variable cost is $20, and fixed cost is $1500, then what is Profit if the
quantity sold is 50 units? - Correct Answers -between -1000 and +1000
If Revenues decrease, ceteris paribus, then Profit - Correct Answers -must decrease
If price is $50, variable cost is $25, and fixed cost is $5500, then what is the quantity
sold if Profit is $5000? - Correct Answers -more than 400
If price increases, ceteris paribus, then the break-even point - Correct Answers -
decreases
If the break-even point is 200 units, when price is $25 and variable cost is $10, then
fixed costs are? - Correct Answers -3000
The most common measure of central tendency reported is - Correct Answers -average
One simple determination of whether or not a data point is an outlier is to calculate its
standardized residual and compare - Correct Answers -... its absolute value to 2 for a
mild outlier and to 3 for an extreme outlier
If Cost = 1500 and Profit = 500, then what is Revenue? - Correct Answers -2000
If price is $50, variable cost is $25, and fixed cost is $5500, then what is Profit for a
production quantity of 100 units? - Correct Answers -less than -1000
If the margin decreases, ceteris paribus, then the break-even point - Correct Answers -
increases
If the break-even point is 5000 units when fixed costs are $5000, then the price is? -
Correct Answers -Between 1 and 10
If the mean of a data set is 10, and its standard deviation is 75, then a data point with a
value of 25 - Correct Answers -is not an outlier
If Profit = $15,000 with fixed cost = $10000 and variable costs of $40, then what is the
price? - Correct Answers -Indeterminate, since not enough info is provide to solve the
problem
