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2 out of 2 points
In general, an increase in price increases the break even point if all costs are held
constant.
Answer
Selected Answer:
False
Correct Answer:
False
Question 2
2 out of 2 points
If variable costs increase, but price and fixed costs are held constant, the break even
point will decrease.
Answer
Selected Answer:
False
Correct Answer:
False
Question 3
2 out of 2 points
Parameters are known, constant values that are usually coefficients of variables in
equations.
Answer
Selected Answer:
True
Correct Answer:
True
Question 4
2 out of 2 points
Selected Answer:
False
Correct Answer:
False
Question 5
2 out of 2 points
The events in an experiment are mutually exclusive if only one can occur at a time.
Answer
Selected Answer:
True
Correct Answer:
True
Question 6
2 out of 2 points
Selected Answer:
False
Correct Answer:
False
Question 7
2 out of 2 points
A continuous random variable may assume only integer values within a given interval.
Answer
Selected Answer:
False
Correct Answer:
False
Question 8
2 out of 2 points
The indicator that results in total revenues being equal to total cost is called the
Answer
Selected Answer:
break-even point
Correct Answer:
break-even point
Question 9
2 out of 2 points
175
Correct Answer:
175
Question 10
2 out of 2 points
A bed and breakfast breaks even every month if they book 30 rooms over the course of a
month. Their fixed cost is $4200 per month and the revenue they receive from each
booked room is $180. What their variable cost per occupied room?
Answer
Selected Answer:
$40
Correct Answer:
$40
Question 11
2 out of 2 points
Question 12
2 out of 2 points
The area under the normal curve represents probability, and the total area under the
curve sums to
Answer
Selected Answer:
1
Correct Answer:
Question 13
2 out of 2 points
0
Correct Answer:
Question 14
2 out of 2 points
Question 15
2 out of 2 points
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.
Answer
Selected Answer:
2500
Correct Answer:
Evaluation Method
Correct Answer
Exact Match
2500
Exact Match
2,500
Question 16
2 out of 2 points
Administrators at a university are planning to offer a summer seminar. The costs of reserving
a room, hiring an instructor, and bringing in the equipment amount to $3000.
Suppose that 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? Note: please report the result as a whole number, rounding if
175
Correct Answer:
Evaluation Method
Correct Answer
Exact Match
$175
Exact Match
175
Question 17
2 out of 2 points
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.
Answer
Selected Answer:
20
Correct Answer:
Evaluation Method
Correct Answer
20
Exact Match
Question 18
2 out of 2 points
56
Correct Answer:
Evaluation Method
Correct Answer
56
Exact Match
Question 19
2 out of 2 points
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
Administrative (AD)
Salaried staff (SS)
Hourly staff (HS)
110
30
60
10
50
40
If an employee is selected at random, what is the probability that the employee is female or
works as a member of the administration?
Answer
Selected Answer:
.70
Correct Answer:
Evaluation Method
Correct Answer
Exact Match
0.70
Exact Match
0.69
Exact Match
0.71
Exact Match
.70
Exact Match
.69
Exact Match
.71
Question 20
0 out of 2 points
An automotive center keeps tracks of customer complaints received each week. The probability
distribution for complaints can be represented as a table (shown below). The random variable
xi represents the number of complaints, and p(xi) is the probability of receiving xi complaints.
xi
p(xi)
.10
.15
.18
.20
.20
.10
.07
What is the average number of complaints received per week? Note: Please report your
answer with two places to the right of the decimal, rounding if appropriate.
Answer
Selected Answer:
.15
Correct Answer:
Evaluation Method
Correct Answer
Exact Match
2.83
Exact Match
2.82
Exact Match
2.84
Question 1
2 out of 2 points
Fixed cost is the difference between total cost and total variable cost.
Answer
Selected Answer:
True
Correct Answer:
True
Question 2
2 out of 2 points
Selected Answer:
False
Correct Answer:
False
Question 3
2 out of 2 points
In general, an increase in price increases the break even point if all costs are held
constant.
Answer
Selected Answer:
False
Correct Answer:
False
Question 4
2 out of 2 points
Parameters are known, constant values that are usually coefficients of variables in
equations.
Answer
Selected Answer:
True
Correct Answer:
True
Question 5
2 out of 2 points
Selected Answer:
False
Correct Answer:
False
Question 6
2 out of 2 points
The events in an experiment are mutually exclusive if only one can occur at a time.
Answer
Selected Answer:
True
Correct Answer:
True
Question 7
0 out of 2 points
Selected Answer:
False
Correct Answer:
True
Question 8
2 out of 2 points
A bed and breakfast breaks even every month if they book 30 rooms over the course of a
month. Their fixed cost is $4200 per month and the revenue they receive from each
booked room is $180. What their variable cost per occupied room?
Answer
Selected Answer:
$40
Correct Answer:
$40
Question 9
0 out of 2 points
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?
Answer
Selected Answer:
200
Correct Answer:
250
Question 10
2 out of 2 points
Question 11
2 out of 2 points
Selected Answer:
175
Correct Answer:
175
Question 12
2 out of 2 points
The area under the normal curve represents probability, and the total area under the curve
sums to
Answer
Selected Answer:
1
Correct Answer:
Question 13
2 out of 2 points
Question 14
2 out of 2 points
0
Correct Answer:
Question 15
2 out of 2 points
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.
Answer
Selected Answer:
2500
Correct Answer:
Evaluation Method
Correct Answer
Exact Match
2500
Exact Match
2,500
Question 16
2 out of 2 points
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.
Answer
Selected Answer:
20
Correct Answer:
Evaluation Method
Correct Answer
20
Exact Match
Question 17
2 out of 2 points
Administrators at a university are planning to offer a summer seminar. The costs of reserving
a room, hiring an instructor, and bringing in the equipment amount to $3000.
Suppose that 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? Note: please report the result as a whole number, rounding if
necessary and omitting the decimal point.
Answer
Selected Answer:
175
Correct Answer:
Evaluation Method
Correct Answer
Exact Match
$175
Exact Match
175
Question 18
2 out of 2 points
Correct Answer:
Evaluation Method
Correct Answer
1
Exact Match
Question 19
2 out of 2 points
56
Correct Answer:
Evaluation Method
Correct Answer
56
Exact Match
Question 20
0 out of 2 points
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.
Answer
Selected Answer:
0.736
Correct Answer:
Evaluation Method
Correct Answer
Exact Match
0.74
Exact Match
0.73
Exact Match
.74
Exact Match
.73