OMGT TEST 1 QUESTIONS & ANSWERS
Revenue = 500 and Cost = 1500, then what is Profit? - Answer --1000
If Profit is more than $1000 when fixed costs are $5000 when producing 100 units, then
the variable costs is? - Answer -Indeterminate, since not enough information is
provided to solve the problem.
If variable costs increase, ceteris paribus, then the break-even point - Answer -
increases
If the break-even point is 2000 units when fixed cost is $2000 and the variable cost is
$10, then the price is? - Answer -11
Calculate the standard deviation of: 2, 3, 7 - Answer -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 ... - Answer -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 - Answer -750
If Costs decrease, ceteris paribus, then Profit - Answer -must increase
What is the break-even point when fixed costs are $2000, price is $20 and variable
costs are $10? - Answer -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 - Answer -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? - Answer --1000
If fixed costs decrease, ceteris paribus, then the break-even point - Answer -must
decrease
What is the break-even point when fixed costs are $1000, price is $10, and variable
costs are $5? - Answer -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 ... - Answer -not an outlier
If price is $50, variable cost is $25, and fixed cost is $5500, then what is the quantity
sold if Profit is $5000? - Answer -more than 400
, If price increases, ceteris paribus, then the break-even point - Answer -decreases
If the break-even point is 200 units, when price is $25 and variable cost is $10, then
fixed costs are? - Answer -3000
The most common measure of central tendency reported is - Answer -average
One simple determination of whether or not a data point is an outlier is to calculate its
standardized residual and compare - Answer -... 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? - Answer -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? - Answer -less than -1000
If the margin decreases, ceteris paribus, then the break-even point - Answer -increases
If the break-even point is 5000 units when fixed costs are $5000, then the price is? -
Answer -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 - Answer -is not an outlier
If Profit = $15,000 with fixed cost = $10000 and variable costs of $40, then what is the
price? - Answer -Indeterminate, since not enough info is provide to solve the problem
If the quantity sold increases, ceteris paribus ,then Profit - Answer -is indeterminate,
since the margin is unkown
What is the break-even point when fixed costs are $1000, price is $10, and variable
costs are $5? - Answer -200
If Revenue = 500 and Cost = 1000, then what is Profit? - Answer --500
If Profit is $5000 when the price is $50, variable cost is $20, and the quantity produced
is 2000 units, then fixed cost must be ... - Answer -55000
If price increases, ceteris paribus, Profit ... - Answer -increases
Calculate the standard deviation of: 1, 5, 9 - Answer -4
If the mean of a data set is 50, then a data point with a value of 65 ... - Answer -cannot
be specified as either an outlier or not an outlier.
Revenue = 500 and Cost = 1500, then what is Profit? - Answer --1000
If Profit is more than $1000 when fixed costs are $5000 when producing 100 units, then
the variable costs is? - Answer -Indeterminate, since not enough information is
provided to solve the problem.
If variable costs increase, ceteris paribus, then the break-even point - Answer -
increases
If the break-even point is 2000 units when fixed cost is $2000 and the variable cost is
$10, then the price is? - Answer -11
Calculate the standard deviation of: 2, 3, 7 - Answer -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 ... - Answer -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 - Answer -750
If Costs decrease, ceteris paribus, then Profit - Answer -must increase
What is the break-even point when fixed costs are $2000, price is $20 and variable
costs are $10? - Answer -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 - Answer -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? - Answer --1000
If fixed costs decrease, ceteris paribus, then the break-even point - Answer -must
decrease
What is the break-even point when fixed costs are $1000, price is $10, and variable
costs are $5? - Answer -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 ... - Answer -not an outlier
If price is $50, variable cost is $25, and fixed cost is $5500, then what is the quantity
sold if Profit is $5000? - Answer -more than 400
, If price increases, ceteris paribus, then the break-even point - Answer -decreases
If the break-even point is 200 units, when price is $25 and variable cost is $10, then
fixed costs are? - Answer -3000
The most common measure of central tendency reported is - Answer -average
One simple determination of whether or not a data point is an outlier is to calculate its
standardized residual and compare - Answer -... 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? - Answer -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? - Answer -less than -1000
If the margin decreases, ceteris paribus, then the break-even point - Answer -increases
If the break-even point is 5000 units when fixed costs are $5000, then the price is? -
Answer -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 - Answer -is not an outlier
If Profit = $15,000 with fixed cost = $10000 and variable costs of $40, then what is the
price? - Answer -Indeterminate, since not enough info is provide to solve the problem
If the quantity sold increases, ceteris paribus ,then Profit - Answer -is indeterminate,
since the margin is unkown
What is the break-even point when fixed costs are $1000, price is $10, and variable
costs are $5? - Answer -200
If Revenue = 500 and Cost = 1000, then what is Profit? - Answer --500
If Profit is $5000 when the price is $50, variable cost is $20, and the quantity produced
is 2000 units, then fixed cost must be ... - Answer -55000
If price increases, ceteris paribus, Profit ... - Answer -increases
Calculate the standard deviation of: 1, 5, 9 - Answer -4
If the mean of a data set is 50, then a data point with a value of 65 ... - Answer -cannot
be specified as either an outlier or not an outlier.
