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Exam 2 Practice - Practice Questions for Exam 2(Chapters 2...

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Practice Questions for Exam 2 (Chapters 2, 24, 25 and Appendix B) These practice questions do not cover every topic that may appear on the actual exam, but they should be a part of your exam preparation. You should also study your class notes, homework, group activities, practice problems as well as the assigned reading from the textbook. Time value of money tables will be provided on the exam. 01. Which department is often responsible for a direct materials variance based on purchase price? A. The accounting department B. The production department C. The purchasing department D. The budgeting department 02. When deciding whether to keep or replace equipment which of the following would be considered a sunk cost? 03. A planning budget based on a single predicted amount of sales or production volume is called a: 04. When collection is made on Accounts Receivable, 05. The amount you must deposit now in your savings account, paying 6% interest, in order to accumulate $3,000 for a down payment 5 years from now on a new car (rounded to the nearest whole dollar) is A. $600 B. $2,242 C. $2,239 D. $2,100 06. Which of the following statements is correct concerning the comparison of differences between actual and planned results?
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