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Direct and indirect cost, product and period cost with quiz answers

Quiz by Jaya shree GRGSMS

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10 questions
Show answers
  • Q1
    Which of the following is an example of a direct cost?
    Rent expense
    Raw materials
    Advertising expense
    Depreciation expense
    30s
  • Q2
    Which of the following is an example of a period cost?
    Direct labor cost
    Raw materials cost
    Advertising expense
    Depreciation expense
    30s
  • Q3
    Which of the following is considered a product cost?
    Direct labor cost
    Administrative salaries
    Sales commission expense
    Research and development costs
    30s
  • Q4
    Which of the following is considered a period cost?
    Direct material cost
    Direct labor cost
    Manufacturing overhead
    Administrative salaries
    30s
  • Q5
    What is the difference between direct and indirect costs?
    Direct costs are more expensive than indirect costs.
    Direct costs can be easily traced to a specific product or service, while indirect costs cannot be directly attributed to a specific product or service.
    Direct costs are associated with a specific time period, while indirect costs are related to a product or service.
    Direct costs include materials and labor, while indirect costs include rent and utilities.
    30s
  • Q6
    What is the difference between product costs and period costs?
    Product costs are fixed costs, while period costs are variable costs.
    Product costs include advertising expenses, while period costs include raw material costs.
    Product costs are directly associated with the production of goods or services, while period costs are not directly tied to the production process.
    Product costs are only incurred by manufacturing companies, while period costs are incurred by all types of businesses.
    Product costs are incurred over a specific period of time, while period costs are incurred for each unit produced.
    30s
  • Q7
    What is the difference between fixed and variable costs?
    Fixed costs are directly attributed to a specific product or service, while variable costs are not.
    Fixed costs remain constant regardless of the level of production or sales, while variable costs change in direct proportion to the level of production or sales.
    Fixed costs are incurred over a specific period of time, while variable costs are incurred for each unit produced.
    Fixed costs include raw material costs, while variable costs include salaries of non-production employees.
    Fixed costs are more unpredictable than variable costs.
    30s
  • Q8
    Which of the following is an example of a fixed cost?
    Office rent
    Hourly wages
    Electricity bill
    Raw materials
    30s
  • Q9
    Which of the following is an example of a variable cost?
    Office supplies
    Cost of raw materials
    Insurance premiums
    Salaries of permanent employees
    30s
  • Q10
    Which of the following is a characteristic of a fixed cost?
    Directly affects profit margin
    Does not change with production volume
    Varies with production volume
    Can be easily controlled
    Does not change with production volume
    30s

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