# 20 questions on business maths

pavan1001
Rated 173 times
• Posted: 5 years ago

Question 1

1. In general, an increase in price increases the break even point if all costs are held constant.

True

False

2 points

Question 2

1. Fixed cost is the difference between total cost and total variable cos

True

False

2 points

Question 3

1. Parameters are known, constant values that are usually coefficients of variables in equations.

True

False

2 points

Question 4

1. Probabilistic techniques assume that no uncertainty exists in model parameters.

True

False

2 points

Question 5

1. A continuous random variable may assume only integer values within a given interv

True

False

2 points

Question 6

1. The events in an experiment are mutually exclusive if only one can occur at a time.

True

False

2 points

Question 7

1. P(A | B) is the probability of event A, if we already know that event B has occurred.

True

False

2 points

Question 8

1. A university is planning a seminar. It costs \$3000 to reserve a room, hire an instructor, and bring in the equipment. Assume it costs \$25 per student for the administrators to provide the course materials. If we know that 20 people will attend, what price should be charged per person to break even?
 100 120 150 175

2 points

Question 9

1. A model is a functional relationship that includes:

 variables parameters equations all of the above

2 points

Question 10

1. EKA manufacturing company produces Part # 2206 for the aerospace industry. Each unit of part # 2206 is sold for \$15. The unit production cost of part # 2206 is \$3. The fixed monthly cost of operating the production facility is \$3000. How many units of part # 2206 have to be sold in a month to break-even?
 166.67 200 250 500

2 points

Question 11

The indicator that results in total revenues being equal to total cost is called the

 marginal cost marginal volume break-even point profit mix

2 points

Question 12

1. The area under the normal curve represents probability, and the total area under the curve sums to
 0 1 2 None of the above

2 points

Question 13

1. The expected value of the standard normal distribution is equal to

 0 1 2 None of the above

2 points

Question 14

1. In a binomial distribution, for each of n trials, the event

 time between trials is constant always has the same probability of occurring result of the first trial influence the next trial trials are continuous

2 points

Question 15

1. Administrators at a university will charge students \$158 to attend a seminar. It costs \$2160 to reserve a room, hire an instructor, and bring in the equipment. Assume it costs \$50 per student for the administrators to provide the course materials. How many students would have to register for the seminar for the university to break even? Note: please report the result as a whole number, omitting the decimal point.

2 points

Question 16

1. A production run of toothpaste requires a fixed cost of \$100,000. The variable cost per unit is \$3.00. If 50,000 units of toothpaste will be sold during the next month, what sale price must be chosen in order to break even at the end of the month? Note: please report the result as a whole number, rounding if necessary and omitting the decimal point.

2 points

Question 17

A production process requires a fixed cost of \$50,000. The variable cost per unit is \$25 and the revenue per unit is projected to be \$45. Find the break-even point.

2 points

Question 18

1. An inspector correctly identifies defective products 90% of the time. For the next 10 products, what is the probability that he makes fewer than 2 incorrect inspections? Note: Please report your answer with two places to the right of the decimal, rounding if appropriate.

2 points

Question 19

1. The variance of the standard normal distribution is equal to __________.

2 points

Question 20

1. Employees of a local company are classified according to gender and job type. The following table summarizes the number of people in each job category.

Male (M) Female (F)
Job