Question: 1. Define and provide examples of Variable Costs, Fixed Costs, and Mixed (Semi variable) Costs. 2. Why is a Flexible Budget a better management tool

1. Define and provide examples of Variable Costs, Fixed Costs, and Mixed (Semi variable) Costs.

2. Why is a Flexible Budget a better management tool than a Static Budget?

3. Explain the difference between the High-Low Method and a Regression Analysis and describe a

scenario in which the High-Low Method may produce a better analysis than a Regression

Analysis.

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