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MCQs

Total Questions : 50 | Page 2 of 5 pages
Question 11. Who is responsible for a materials price variance?
  1.    The Purchasing Agent.
  2.    The Production Manager
  3.    The Production & Maintenance Managers
  4.    Supervisor
 Discuss Question
Answer: Option A. -> The Purchasing Agent.
Question 12.
  1.    Ideal standards
  2.    Attainable standards
  3.    Variance standards
  4.    Margin standards
 Discuss Question
Answer: Option A. -> Ideal standards
Question 13. _____ cost represents what the cost should be
  1.    Standard
  2.    Process
  3.    Contract
  4.    Marginal
 Discuss Question
Answer: Option A. -> Standard
Question 14. The piecework method to pay labour guarantees a set amount of wages
  1.    True
  2.    False
 Discuss Question
Answer: Option B. -> False
Question 15. _____ cost is used for controlling cost
  1.    Contract Cost
  2.    Process Cost
  3.    Marginal Cost
  4.    Standard Cost
 Discuss Question
Answer: Option D. -> Standard Cost
Question 16. Who is responsible for a labor efficiency variance?
  1.    The Purchasing Agent.
  2.    The Production Manager
  3.    The Production & Maintenance Managers
  4.    Supervisor
 Discuss Question
Answer: Option C. -> The Production & Maintenance Managers
Question 17. Who is responsible for a materials usage variance?
  1.    The Purchasing Agent.
  2.    The Production Manager
  3.    The Production & Maintenance Managers
  4.    Supervisor
 Discuss Question
Answer: Option B. -> The Production Manager
Question 18. _____ ensures the contractee that the contractor will continue the work
  1.    contract price
  2.    work certified
  3.    work uncertified
  4.    retention
 Discuss Question
Answer: Option D. -> retention
Question 19. _____ money is paid a certain period after completion of the contract
  1.    work certified
  2.    work uncertified
  3.    retention
  4.    escalation
 Discuss Question
Answer: Option C. -> retention
Question 20. On _____ of the contract entire profit is transferred to P & L A/c
  1.    25% completion
  2.    50% completion
  3.    90% completion
  4.    completion
 Discuss Question
Answer: Option D. -> completion

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