This is a quiz review and I will going to have a quiz on Monday. Hospitality Managerial Accounting

Hospitality Manageria! Accounting: HOS 372 Quiz #3: 5 points - Summer Name: 1. 2O15 Section: An indirect cost is normally controllable by an operating department head. 2. One definition of operating Leverage is the ratio of Fixed Costs to Variable (True/False) Costs. (True/Fatse) rationally decide to sell below total cost as long as the price covers the fixed cost but not necessarily all variable costs. (True/False) 3. A business can 4. Break-Even Revenue = Fixed Costs / Variable Cost o/o 5' Desired Pre-Tax Income = ROE o/o Goat x fnvestment (True/False) / (1 - Tax Rate o/o) (True/False) 6. The most accurate method of separating Fixed and Variable Costs is the High-Low. (True/False) 7.If you believe that a recession may occur in the next year you would be more likely to purchase a hotel than a restaurant. (True/False) Explain your choice: B. A landlord proposes rent of either Point: $4otooo/year or 8o/o of sales. calculate the rndifference Select best if sales are $55o,ooo /year= (Fixed Rafe or o/o of sales Rate) 9. A cafe has Sales: $7OO,OOO, Fixed Costs: $31OrOOO, Variable Costs: 43o/o Compute: Contribution Margin ($): Break-Even Sales: Operating Income: Sales Required to Earn $25O,OOO: 10. A hotel has this data on its room cleaning costs. Compute the Variable Cost per Room and the Fixed Cost of room cleanin n Rooms Sold Cleaninq Costs Hiqh Month 2,LOL $67.OOs Low Month L,O72 $39.500 Difference Variable Cost/Room Fixed Costs 11. A diner has Sales: $25O,OOO, Fixed Costs: $90,OOO, profit: g60,000 Compute: Variable Cost o/o: Break-Even Sales: 12. State the formula for Required Revenue, given Fixed Costs, Profit and Variable Cost o/o: 73. A70 room hotel has ADR: $25o, RevPAR: $21o, CPOR: g3o, Fixed costs: g4,4oo,ooo Compute: Currentoccupancyo/oi-ContributionperRoom:$- Break-Even #Rooms Sold : Occupancy o/o at Break-Even: 74. If a business with a variable cost ratio of 35o/o adds one staff position with a salary of $65,OOO/year, how much additional sales must that business generate to avoid a drop in profits? 15. A restaurant hasTOo/o of revenue from food (variable cost - 4Oo/o) and 30o/o of revenue from its bar area (variable cost = 25o/o). Compute its combined contribution margin. MTH 140 Exam #2 Review (CH 4 and 5) 1) What is the probability of rolling: a. a \"7\" on one die b. a \"2\" on one die c. a \"7\" on a pair of dice d. a \"2\" on a pair of dice 2) You are drawing cards from a standard, 52 card deck. Find the probability of the following: a) If one card is drawn, what is the probability that the card is red or Queen? b) If two cards are drawn (without replacement), what is the probability that the two are both red? c) If one card is drawn, then put back into the deck and a second card is drawn (with replacement), what is the probability that the two cards were both aces? d) If five cards are drawn (without replacement), what is the probability of getting all diamonds? 3) Choose the best definition for \"Law of Large Numbers\" (Circle One): a) As independent trials increase, if you have a large number of failures then you are \"due\" to get a success. b) As a procedure is repeated again and again, the relative frequency probability of an event tends to move away from the actual probability. c) As the number of trials increase, the likelihood of success increases. d) As a procedure is repeated again and again, the relative frequency probability of an event tends to approach the actual probability. 4) Do the following situations model binomial probability distributions? (Yes or No) _______a. Counting the number of \"Tails\" if you toss a coin 100 times. _______b. Rolling a pair of dice 100 times and recording the sum of each roll. 5)You need to create a 5digit PIN. How many possible pin numbers are there if: a. with repetition b. without repetition 6) For a new email service the user's password must contain two numbers, then three letters, then two numbers. For example, a password could be 63BFW80. If duplicates are not allowed, how many different passwords are possible? 7) For the binomial distribution with n=100, p=0.81 a) Find the mean b) Find the standard deviation c) Using the Rule of Thumb, would the value 87 be \"usual\" for this distribution? Explain. 8) a) Find the probability of exactly 3 girls x represents # of girl babies out of a total of 7 births b) Find the probability of at most 3 girls c) Find the probability of at least 1 girl d) Is the probability of exactly 2 girls \"usual\"? e) Find the mean of the probability distribution. Explain your answer in a complete sentence. x (girls) P(x) 0 1 0.005 2 0.009 3 0.022 4 0.255 5 0.377 6 0.280 7 0.002 0.050 9) You play a roulette game where you have a 1/38 probability of winning if the ball lands on the number seven. You could win $180. It costs you $5 to play the game. What is your expected value? 10) Find the mean for the binomial distribution with n=5040, p=0.11 11) Find the standard deviation for the binomial distribution with n=1100, p=0.15 12) A company manufactures flash drives in batches of 75 and there is a 4% rate of defects. a) Find the mean number of defects per batch. b) Find the standard deviation of defects per batch. c) Using the Rule of Thumb, find the Minimum and Maximum \"usual\" values. 12) Overbooking Flights When someone buys a ticket for an airline flight, there is a 0.0995 probability that the person will not show up for that flight. The Beechcraft 1900C jet can seat 19 passengers. With 21 booked passengers, what is the probability that the flight will be overbooked ? 13) Given the following P(x) values for the number of x girls each trial of a new gendersort experiment, each trial is independent. Find the probability of at least one girl in five trials. Would you say the probability of one girl is \"unusual\"? P(0) = 0.05 P(1) = 0.15 P(2) = 0.30 P(3) = 0.22 P(4) = 0.18 P(5) = 0.10 15. Hotel Reservations Use a binomial probability distribution to model the number of \"no shows\" ( people who have made a reservation, but do not arrive without cancelling their room) at the W Hotel. The probability of a \"no show\" is 5%. Find the probability of exactly 3 \"no shows\" out of 10 reservations. MTH 140 Exam #2 Review (CH 4 and 5) 1) What is the probability of rolling: a. a \"7\" on one die b. a \"2\" on one die c. a \"7\" on a pair of dice d. a \"2\" on a pair of dice 2) You are drawing cards from a standard, 52 card deck. Find the probability of the following: a) If one card is drawn, what is the probability that the card is red or Queen? b) If two cards are drawn (without replacement), what is the probability that the two are both red? c) If one card is drawn, then put back into the deck and a second card is drawn (with replacement), what is the probability that the two cards were both aces? d) If five cards are drawn (without replacement), what is the probability of getting all diamonds? 3) Choose the best definition for \"Law of Large Numbers\" (Circle One): a) As independent trials increase, if you have a large number of failures then you are \"due\" to get a success. b) As a procedure is repeated again and again, the relative frequency probability of an event tends to move away from the actual probability. c) As the number of trials increase, the likelihood of success increases. d) As a procedure is repeated again and again, the relative frequency probability of an event tends to approach the actual probability. 4) Do the following situations model binomial probability distributions? (Yes or No) _______a. Counting the number of \"Tails\" if you toss a coin 100 times. _______b. Rolling a pair of dice 100 times and recording the sum of each roll. 5)You need to create a 5digit PIN. How many possible pin numbers are there if: a. with repetition b. without repetition 6) For a new email service the user's password must contain two numbers, then three letters, then two numbers. For example, a password could be 63BFW80. If duplicates are not allowed, how many different passwords are possible? 7) For the binomial distribution with n=100, p=0.81 a) Find the mean b) Find the standard deviation c) Using the Rule of Thumb, would the value 87 be \"usual\" for this distribution? Explain. 8) a) Find the probability of exactly 3 girls x represents # of girl babies out of a total of 7 births b) Find the probability of at most 3 girls c) Find the probability of at least 1 girl d) Is the probability of exactly 2 girls \"usual\"? e) Find the mean of the probability distribution. Explain your answer in a complete sentence. x (girls) P(x) 0 1 0.005 2 0.009 3 0.022 4 0.255 5 0.377 6 0.280 7 0.002 0.050 9) You play a roulette game where you have a 1/38 probability of winning if the ball lands on the number seven. You could win $180. It costs you $5 to play the game. What is your expected value? 10) Find the mean for the binomial distribution with n=5040, p=0.11 11) Find the standard deviation for the binomial distribution with n=1100, p=0.15 12) A company manufactures flash drives in batches of 75 and there is a 4% rate of defects. a) Find the mean number of defects per batch. b) Find the standard deviation of defects per batch. c) Using the Rule of Thumb, find the Minimum and Maximum \"usual\" values. 12) Overbooking Flights When someone buys a ticket for an airline flight, there is a 0.0995 probability that the person will not show up for that flight. The Beechcraft 1900C jet can seat 19 passengers. With 21 booked passengers, what is the probability that the flight will be overbooked ? 13) Given the following P(x) values for the number of x girls each trial of a new gendersort experiment, each trial is independent. Find the probability of at least one girl in five trials. Would you say the probability of one girl is \"unusual\"? P(0) = 0.05 P(1) = 0.15 P(2) = 0.30 P(3) = 0.22 P(4) = 0.18 P(5) = 0.10 15. Hotel Reservations Use a binomial probability distribution to model the number of \"no shows\" ( people who have made a reservation, but do not arrive without cancelling their room) at the W Hotel. The probability of a \"no show\" is 5%. Find the probability of exactly 3 \"no shows\" out of 10 reservations