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GA1 - Cost Estimating And Production Planning
Test Description: The students should understand the basics to cost estimating and production planning.
Instructions: Answer all questions to get your test result.
1) People in a printing company who determine the costs are called _____________.
A
Accountants
B
Managers
C
Owners
D
Estimators
2) A(n) _____________ is a production operation that costs money to maintain.
A
production standard
B
cost rate
C
cost center
D
buyout
3) Costs for items such as labor and power are called _____________ costs.
A
standard
B
budgeted hourly rate
C
variable
D
fixed
4) A(n) _____________ is an hourly value representing the average output of a particular operating area under specified conditions.
A
cost center
B
buyout
C
production standard
D
cost rate
5) _____________ is determined from all fixed and variable costs based on the hourly operation of a particular cost or production center.
A
budgeted hourly rate
B
cost rate
C
buyouts
D
production standard
6) A(n) _____________ describes the terms of a printing job and serves as a contract between the printing firm and the customer.
A
estimate
B
budgeted hourly rate
C
quotation
D
cost center
7) Which of the following is NOT an example of a fixed cost.
A
electrical power
B
taxes
C
insurance
D
rent
8) _____________ is a computer-based management tool used to assess data in production planning, inventory control, financial transactions, and sales records.
A
job ticket
B
management information system
C
buyout
D
cost center
9) ________ an electronic form or a paper form used to track costs for labor, materials, and press time of a given printing job.
A
cost center
B
buyout
C
management information system
D
job ticket
10) The cost of production must always be determined ________ production begins.
A
before
B
after
C
throughout
D
during
11) Which of the following is NOT an example of a fixed cost.
A
labor
B
lighting
C
equipment depreciation
D
heating and cooling
12) ____________the process of determining the approximate costs to compete a job.
A
quoting
B
producing
C
estimating
D
guessing
13) _________the cost of subcontracting outside materials, supplies, and services.
A
buyout
B
cost rate
C
production standard
D
cost center
14) There are 500 sheets of paper in a ream. How many are in 6 reams?
A
3000
B
300
C
1100
D
1300
15) Rex received $418 for a press run. He worked 19 hours on the job. How much did he make per hour?
A
$20
B
$8
C
$10
D
$22
16) What is the cost of 15 gallons of blanket wash at $1.13 per gallon?
A
$19.56
B
$19.65
C
$16.95
D
$16.59
17) what is 174 x 2?
A
249
B
348
C
294
D
384
18) The average cost of a replacement part on the press is $41.25. During the year, the print shop installs 150 such parts. What is the total cost?
A
$6178.50
B
$6228.00
C
$6282.00
D
$6187.50
19) __________ is a cost rate generated by items such as labor and utilities, when production occurs in a cost center.
A
fixed costs
B
cost center
C
variable costs
D
cost rate
20) _____________ a cost rate that remains constant, regardless of production output in the cost center.
A
cost center
B
cost rate
C
variable costs
D
fixed costs
*select an answer for all questions
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