Questions 1- Why do companies use predetermined overhead rates rather than actual manufacturing overhead costs to apply overhead to jobs? 2- What is underapplied overhead and overapplied overhead? What disposition is made of these amounts at the end of the period? 3- What is meant by the term break-even point? 4. What is the basic difference between absorption costing and variable costing? 5- Explain how the segment margin differs from the contribution margin. 6- In what fundamental ways does activity-based costing differ from traditional costing methods such as job-order costingh 7- What is a budget? What is budgetary control? 8 What is meant by the term responsibility accounting?| 9. What is a flexible budget and how does it differ from a static planning budget? 10- Define the following terms: incremental cost, opportunity cost, and sunk cost