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FAR — Financial Accounting & Reporting — Quiz 81

Practice FAR — Financial Accounting & Reporting — Quiz 81 on SonaPrep (FAR — Financial Accounting & Reporting) with 10 scored questions. Use it to strengthen FAR — Financial Accounting & Reporting skills with exam-style timing, clear scoring, and review after each attempt. Work carefully, check explanations for misses, then retake to track improvement before test day.
Questions
10
Category
FAR — Financial Accounting & Reporting

Questions in this quiz (10)

  1. Which budget determines the amount of raw materials required for production?

    • Sales budget
    • Sales budget
    • Materials budget
    • Materials budget
    • Cash budget
    • Cash budget
    • Capital budget
    • Capital budget

  2. Which budget forecasts future cash inflows and outflows?

    • Cash budget
    • Cash budget
    • Sales budget
    • Sales budget
    • Production budget
    • Production budget
    • Operating budget
    • Operating budget

  3. Which type of cost remains unchanged regardless of activity level?

    • Variable cost
    • Variable cost
    • Fixed cost
    • Fixed cost
    • Mixed cost
    • Mixed cost
    • Marginal cost
    • Marginal cost

  4. Which type of cost varies with production volume?

    • Fixed cost
    • Fixed cost
    • Variable cost
    • Variable cost
    • Sunk cost
    • Sunk cost
    • Opportunity cost
    • Opportunity cost

  5. Which cost contains both fixed and variable components?

    • Fixed cost
    • Fixed cost
    • Variable cost
    • Variable cost
    • Mixed cost
    • Mixed cost
    • Direct cost
    • Direct cost

  6. Which of the following is an example of a variable cost?

    • Factory rent
    • Factory rent
    • Direct materials
    • Direct materials
    • Insurance expense
    • Insurance expense
    • Property taxes
    • Property taxes

  7. Which of the following is an example of a fixed cost?

    • Direct materials
    • Direct materials
    • Sales commissions
    • Sales commissions
    • Factory rent
    • Factory rent
    • Direct labor per unit
    • Direct labor per unit

  8. Which concept measures the cost of producing one additional unit?

    • Opportunity cost
    • Opportunity cost
    • Marginal cost
    • Marginal cost
    • Fixed cost
    • Fixed cost
    • Sunk cost
    • Sunk cost

  9. Which cost represents the benefit sacrificed when choosing one option over another?

    • Opportunity cost
    • Opportunity cost
    • Fixed cost
    • Fixed cost
    • Variable cost
    • Variable cost
    • Direct cost
    • Direct cost

  10. Which cost has already occurred and cannot be changed?

    • Opportunity cost
    • Opportunity cost
    • Sunk cost
    • Sunk cost
    • Variable cost
    • Variable cost
    • Marginal cost
    • Marginal cost

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