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Chapter 2—Developing a Business Plan: Cost-Volume-Profit Analysis

COMPLETION

1.Instead of rushing into a business right away, it is wise to develop a .

ANS: business plan

PTS: 1 DIF: Easy TOP: Planning in a new business

2.A describes a business’s goals and its plans for achieving those goals.

ANS: business plan

PTS: 1 DIF: Easy TOP: Planning in a new business

3. refers to the uncertainty about the future operations of a business.

ANS: Risk

PTS: 1 DIF: Easy TOP: Planning in a new business

4.The is money that investors will receive back from their investment and
credit decisions.

ANS: return

PTS: 1 DIF: Easy TOP: Planning in a new business

5.The shows how the business will make sales and how it will influence
and respond to market conditions.
 ANS: marketing plan

PTS: 1 DIF: Easy TOP: Marketing plan

6.The describes how the business will promote, price and distribute
the product.
 ANS: marketing strategy

PTS: 1 DIF: Easy TOP: Marketing plan

7. The describes the predicted growth, market share and sales of the
business’s products by period.

ANS: sales forecast

8. relationships between the business, its suppliers, its customers, as well as a description of how
the business will develop, service, protect and support its products or services.

ANS: business operations

PTS: 1 DIF: Easy TOP: Operating plan

9.The section of a business plan identifies the business’s capital

requirements and sources of capital, as well as to describe the business’s projected financial
performance.

ANS: financial plan

PTS: 1 DIF: Moderate TOP: Financial plan

10. is the business’s funding.

ANS: Capital

PTS: 1 DIF: Moderate TOP: Sources of capital

11. is the business’s funding that will be repaid within a year or less.

ANS: Short-term capital

PTS: 1 DIF: Moderate TOP: Sources of capital

12. is the business’s funding that will be repaid after more than a year.

ANS: Long-term capital

PTS: 1 DIF: Moderate TOP: Sources of capital

13. shows how profit is affected by changes in sales volume,

selling price of products and the various costs of the business.

ANS: Cost-volume-profit analysis

PTS: 1 DIF: Difficult TOP: Cost-volume-profit analysis

14.The is the difference between the total sales revenue and

total variable costs.
 ANS: total contribution margin

PTS: 1 DIF: Difficult TOP: Contribution margin

15. The is the difference between the sales revenue per unit and
the variable costs per unit.

ANS: contribution margin per unit

TRUE/FALSE

1. The first step in starting a business is to develop a business plan.

ANS: T PTS: 1 DIF: Easy TOP: Planning in a new

business

2. The first step in starting a business is to set up a corporation.

ANS: F PTS: 1 DIF: Easy TOP: Planning in a new

business

3. A business plan is a static document. Once created it should not need to be updated.

ANS: F PTS: 1 DIF: Easy TOP: Planning in a new

business

4. A business plan typically includes a description of the business, a marketing plan,

an operating plan, an environmental management plan and a financial plan.

ANS: T PTS: 1 DIF: Moderate TOP: Planning in a new

business

5. A business plan should be viewed as an opportunity to identify mistakes before they could happen.

ANS: T PTS: 1 DIF: Moderate TOP: Planning in a new

business

6. Cost behaviour activity affects the way costs behave.

ANS: T PTS: 1 DIF: Moderate TOP: Cost behaviour

7. In cost behaviour cost affects the way costs behave.

ANS: F PTS: 1 DIF: Moderate TOP: Cost behaviour

8. Fixed costs per unit will remain constant as activity changes.

ANS: F PTS: 1 DIF: Moderate TOP: Fixed costs

9. A fixed cost does not respond to changes in an activity such as sales volume.
 ANS: T PTS: 1 DIF: Moderate TOP: Fixed costs

10. A fixed cost responds directly to changes in an activity such as sales volume.

ANS: F PTS: 1 DIF: Moderate TOP: Fixed costs

11. Fixed costs per unit will change as activity changes.

ANS: T PTS: 1 DIF: Moderate TOP: Fixed costs

12. Variable costs will remain constant per unit as activity changes.
ANS: T PTS: 1 DIF: Moderate TOP: Variable costs

13. Variable costs per unit will change as activity changes.

ANS: F PTS: 1 DIF: Moderate TOP: Variable costs

14. A variable cost responds directly to changes in an activity such as sales volume.

ANS: T PTS: 1 DIF: Moderate TOP: Variable costs

15. Total costs are the sum of the fixed costs and variable costs.

ANS: T PTS: 1 DIF: Moderate TOP: Total costs

16. Contribution margin is the amount leftover after a sale to cover the fixed costs, which
then contributes toward profit.

ANS: T PTS: 1 DIF: Moderate TOP: Contribution margin

17. Sales less fixed costs equal contribution margin.

ANS: F PTS: 1 DIF: Moderate TOP: Contribution margin

18. Sales less variable costs equal contribution margin.

ANS: T PTS: 1 DIF: Moderate TOP: Contribution margin

19. All contribution margin created past the breakeven point will contribute towards profit.

ANS: T PTS: 1 DIF: Moderate TOP: Contribution margin

20. All contribution margin created prior to the breakeven point will contribute towards covering
fixed costs.

ANS: T PTS: 1 DIF: Moderate TOP: Contribution margin

21. All contribution margin created prior to the breakeven point will contribute towards profit.

ANS: F PTS: 1 DIF: Moderate TOP: Contribution margin

22. Only fixed costs are deducted from the selling price per unit, with the result then taken times
sales volume in the profit equation for determination of profit.

ANS: F PTS: 1 DIF: Moderate TOP: Finding the unit sales

volume to achieve a target profit

23. The breakeven point is the point that total revenues equal total costs.

ANS: T PTS: 1 DIF: Moderate TOP: Finding the break-even

point
24. The breakeven point is the point that total revenues exceed total costs.

ANS: F PTS: DIF: Moderate TOP: Finding the break-even

1
point

25. The breakeven point is the point that total revenues are less than total costs.

ANS: F PTS: DIF: Moderate TOP: Finding the break-even

1
point

26. The breakeven point is the point that total revenues equal target profit.

ANS: F PTS: DIF: Moderate TOP: Finding the break-even

1
point

27. If a business were concerned about raising the price of their goods, CVP analysis
would help determine the impact on profits and the resulting changes in costs.

ANS: T PTS: DIF: Difficult TOP: Cost-volume-profit

1
analysis

28. CVP can be an absolute decision making tool. Faced with a change in costs or prices,
one need look only to the CVP results to make a complete decision.

ANS: F PTS: DIF: Difficult TOP: Cost-volume-profit

1
analysis

29. CVP is not an absolute decision making tool. Faced with a change in costs or prices, one should
also consider the impact on customers as well as the CVP results to make a complete decision.

ANS: T PTS: DIF: Difficult TOP: Cost-volume-profit

1
analysis

30. When analysing an alternative set of plans, CVP is but one tool. The impact on customers
should also be considered.

ANS: T PTS: DIF: Difficult TOP: Cost-volume-profit

1
analysis
MULTIPLE CHOICE

1. I. The first step in starting a business is to develop a business plan.

II. The first step in starting a business is to set up a corporation.
III. A business plan is a static document that if done right will not need updating.
IV. A business plan should be viewed as an opportunity to identify mistakes before they occur.

Which of the above is correct?

a. I. only.
b. I. and II only.
c. II and III only.
d. I and IV only.
e. I, II, III and IV.
ANS: D
2. The primary concern of creditors and investors is:
a. risk.
b. return.
c. both of the options given
ANS: C PTS: DIF: Easy TOP: Planning in a new
1
business
3. Fixed costs:
a. do not respond to changes in volume.
b. respond in the opposite direction of changes in volume.
c. change in proportion with changes in volume.
d. will always be the same from one period to the next.
ANS: A PTS: 1 DIF: Moderate TOP: Fixed costs

4. Barney’s Brick Co. has high fixed costs such as building, machinery and salaries. Barney
desires to minimise the impact of these fixed costs. A strategy for Barney would be?
a. To produce and sell as many units as possible.
b. To downsize.
c. Sell the business to someone else.
d. Lay off the salary employees.

ANS: A PTS: DIF: Moderate TOP: Planning in a new

1
business
5. Which of the following best represents an example of a fixed cost?
a. Equipment.
b. Cost of products sold to customers.
c. Salary plus commission employees.
d. Telephone usage.
ANS: A PTS: 1 DIF: Difficult TOP: Fixed costs

6. Variable costs:
a. do not respond to changes in volume.
b. respond in the opposite direction to changes in volume.
c. change in proportion with changes in volume.
d. will always be the same from one period to the next.
ANS: C PTS: 1 DIF: Moderate TOP: Variable costs

7. Which of the following best represents an example of a variable cost?

a. Equipment
b. Cost of products sold to customers
c. Salary plus commission employees
d. Telephone usage
ANS: B PTS: 1 DIF: Difficult TOP: Variable costs

8. Which of the following costs change is in direct proportion to the

volume?
a. Fixed costs and variable costs fedbVariable costs
b. None of the options given
c. Fixed costs
ANS: B PTS: 1 DIF: Moderate TOP: Variable costs

9. Barb’s Best Pies sells a meat pie for $5.00. Variable costs are $3.00 per unit and fixed costs for
the period are $4 000. The profit on the 2001st pie sold is:
a. $2.00
b. $5.00
c. $3.00
d. $ - 0 -
ANS: A PTS: 1 DIF: Difficult TOP: Profit calculation

10. Widget World makes a widget that is sells for $10 per unit. The variable costs are $7 per unit.
Assuming the business has normal fixed costs, and the breakeven point is 350 units, what are
the total costs at breakeven?
a. $4 500
b. $3 500
c. $12 000
d. $7 500
ANS: B PTS: DIF: Difficult TOP: Finding the breakeven
1
point

Example 2.1

The information below is used for the following problems.

 Leslie's Soccer Balls sells soccer balls for $20 each and incurs variable costs of $15 per ball.
Leslie's break-even point is 40,000 units.

11. Refer to Example 2.1 What is the total of Leslie's fixed costs?
a. $2 000
b. $8 000
c. $20 0000
d. None of the options given
ANS: C PTS: 1 DIF: Difficult TOP: Fixed Costs

12. Refer to Example 2.1. What is Leslie's profit when 50,000 units are sold?
a. $50 000
b. $250 000
c. $1 000 000
d. None of the options given
ANS: A PTS: 1 DIF: Moderate TOP: Finding the unit sales volume to achieve a target profit

13. Refer to Example 2.1. What is Leslie's profit when 25,000 units are sold?
a. $500 000
b. $125 000
c. $75 000 loss
d. None of the options given
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