1. ____________ is critically important in determining cost behavior and is by far the most widely used method in practice
   1. Just-in-Time (JIT)
   2. Managerial judgment
   3. TQM
   4. All of the above
2. Contribution margin ratio approach is used for _____________ products.
   1. Homogenous
   2. Heterogeneous
   3. Manufacturing
   4. Non-manufacturing
3. At Alpha Corp., the selling price per unit for lawn mowers is $120, variable cost per unit is $55. Fixed costs are $130,000. Expected sales are 4,200 units. The Margin of Safety is?
   1. $264,000
   2. $384,000
   3. $143,000
   4. $121,000
4. Which of the following is the assumption of C-V-P Analysis?
   1. Costs can be accurately separated into variable and fixed components.
   2. Fixed costs remain fixed.
   3. Applied only to homogenous products
   4. Variable costs per unit do not change over the relevant range.
5. At Winford Corp., the selling price per unit for lawn mowers is $120, variable cost per unit is $55. Fixed costs are $130,000. Expected sales are 4,200 units. What is profit expected to be?
   1. $264,000
   2. $384,000
   3. $143,000
   4. $121,000