Multiple Choice Quiz
Multiple Choice Quiz
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 1 A model is a/n A) abstraction of reality B) idealized representation C) simple explanation D) A and B 2 Mathematical models usually contain A) Variables B) Constants C) Assumptions D) All of the above 3 The benefits of model building include A) focusing on small number of important details B) omitting non-quantitative information C) the need to quantify information D) A and C 4 The risks of model building include A) focusing on small number of important details B) omitting non-quantitative information C) Need to quantify information D) A and C 5 Risks of model building include A) focusing on small number of important details B) omitting non-quantitative information C) Need to quantify information D) A and C 6 Probabilistic model would be appropriate to use if the A) Data for the problem is known with high level of confidence B) Data follows a range, but the average is known with high level of confidence C) Data distribution is known with high level of confidence D) B or C 7 Two of the steps in the management science approach to problem solving are: A) Model construction, model interpretation B) Model construction and interpret & analyze the solution C) Finding a solution and testing the model D) Interpret & analyze the model and construct solution 8 A one-machine shop producing bolts has a fixed cost of \$2000.00 and a variable cost of \$2.00 per bolt. The selling price is \$6.00 per unit. The breakeven volume of production is A) 1000 B) 500 C) 333.33 D) 250 9 A one-machine shop producing bolts has a fixed cost of \$2000.00 and a variable cost of \$2.00 per bolt. The selling price is \$6.00 per unit. The total revenue corresponding to the breakeven volume of production is A) 6000 B) 2000 C) 3000 D) 1500 10 All other things remaining the same, if the variable cost per unit increases by 10% then the breakeven volume of production will A) go up by 10% B) go down by 10% C) cannot tell from the data D) can stay the same 11 A one person automobile oil change in rural Mississippi has a fixed overhead of \$900.00 per month. The variable cost per oil change \$10.00. The price tag is \$30.00 for one oil change. The break even number of oil changes per month is A) 30 B) 45 C) 90 D) 22.5 12 A one person automobile oil change in rural Mississippi has a fixed overhead of \$900.00 per month. The variable cost per oil change \$10.00. The price tag is \$30.00 for one oil change. If the owner/worker Joe Smith desires to have a contribution per month of \$2100.00, the number of oil changes he should do per month is A) 100 B) 300 C) 150 D) 75