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# Take Test: Quiz 1 Chapters 1,2,3,6 and 10.Content Instructions Name Quiz 1 Chapters 1,2,3,6 and 10 Instructions Multiple Attempts This Test allows 3...

A high correlation between two variables s and t indicates that:
s may cause t, or t may cause s
the correlation may be due to random chance
both may be affected by a third variable
All of these answers are correct.
Take Test: Quiz 1 Chapters 1,2,3,6 and 10.Content Instructions Name Quiz 1 Chapters 1,2,3,6 and 10 Instructions Multiple Attempts This Test allows 3 attempts. This is attempt number 1. Force Completion This Test can be saved and resumed later. . Test/Survey Status Question Completion Status: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Saving Answer Question 1 Question 1 The cost function y = 1,000 + 5X: Answer has an intercept of 5 is a straight line has a slope coefficient of 1,000 represents a fixed cost . 1 points Question 2 Question 2 The cost function y = 8,000 + 4X: Answer has a slope coefficient of 8,000 represents a mixed cost is a curved line will intersect the y-axis at 4 . 1 points Question 3 Question 3 A high correlation between two variables s and t indicates that: Answer s may cause t, or t may cause s the correlation may be due to random chance both may be affected by a third variable All of these answers are correct. . 1 points Question 4 Question 4 Answer the following questions using the information below: Katie Enterprises reports the year-end information from 20X4 as follows: Sales (70,000 units) \$560,000 Cost of goods sold
210,000 Gross Margin 350,000 Operating expenses 200,000 Operating income \$150,000 Katie is developing the 20X5 budget. In 20X5 the company would like to increase selling prices by 4%, and as a result expects a decrease in sales volume of 10%. All other operating expenses are expected to remain constant. Assume that COGS is a variable cost and that operating expenses are a fixed cost. Should Katie increase the selling price in 20X5? Answer Yes, because sales revenue is increased for 20X5. No, because sales volume decreases for 20X5. Yes, because operating income is increased for 20X5. No, because gross margin decreases for 20X5. . 1 points Question 5 Question 5 In which order are the following developed? First to last: A = Production budget B = Direct materials costs budget C = Budgeted income statement D = Revenues budget Answer ABDC DCAB CABD DABC . 1 points Question 6 Question 6 Answer the following questions using the information below: Daniel, Inc., expects to sell 6,000 ceramic vases for \$20 each. Direct materials costs are \$2, direct manufacturing labour is \$10, and manufacturing overhead is \$3 per vase. The following inventory levels apply to 20X5: Beginning inventory Ending inventory Direct materials 1,000 units 1,000 units
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