Some of the questions in this Assessment Test will require you to work with the profit model used in the text so far, which is shown again below. You should have already built the model by now!…if not, now is the time to do so!
Note that the “base case values” used in this example are different to those used in the text so farÂ (notably the values forÂ Variable Cost per Unit (cell C5) and Fixed Costs Overhead (cell C6)Â have the values of 2.0 and 2137 respectively).
Please complete the following DataTables BEFORE starting the quiz.
The first set of tables consists of two tables, each structured in the same way (where the final values and output reference cells are not yet shown), as shown immediately below. They are to be used to analysis the Revenue and the Profit as Price and Volume are varied.
You will also need a one-way table, which will be used to conduct sensitivity analysis of the Total Cost to the Variable Cost per Unit:
PLEASE NOTE: DUE TO THE IMPORTANCE OF THE SUBJECT, THE FOLLOWING QUIZ HAS AN 80% PASS MARK. SO YOU WILL NEED TO HAVE AT LEAST 6 ANSWERS OUT OF THE 7 QUESTIONS CORRECT. … SO PLEASE DO THE EXERCISE CAREFULLY!
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Q1. Sensitivity analysis means changing the value of some of the model inputs, in order to see the effect on the calculations and outputs.
Q2. The name of the Excel functionality required to find the value of a single model input so that a calculation or output of the model is equal to some desired value is:
Q3. In order to access Excel’s Data Table functionality, which menu sequence can be used?
Q4. Using the model with the input values as shown, in the Data Table for Revenues, the three diagonal values (top-left to bottom-right) would be:
Q5. Using the model with the input values as shown, in the Data Table for Profit, the three diagonal values (top-left to bottom-right) would be:
Q6. Using the model with the input values as shown, in the Data Table for Total Cost, the first and last values (i.e. where Variable Cost per Unit is 1.7 and 2.2 respectively) would be:
Q7. Using the model with the input values as shown, what value would the Volume in Units need to be so that the Profit is zero? Round the answer upward to the nearest 10 (e.g. 323.13 would be 330).