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ASSIGNMENTS Questions 1. What is a fixed cost? Provide two examples. 2. What is the difference between a committed fixed cost and a discretionary fixed cost? Provide examples of each. 3. What is a variable cost? Provide two examples. 4. What is a mixed cost? Provide two examples. 5. Describe the variables in the cost equation Y=f+vX. 6. How is the cost equation Y = f + vX used to estimate future costs? 7. Why is it important to identify how costhehave with changes in activity? 8. Review "Business in Action 5.2". Why was the school district's administration surprised to find out that cost savings from closing a school would be much lower than initially anticipated? 9. Explain how account analysis is used to estimate costs. 10. Describe the four steps of the high-low method and how these steps are used to estimate costs. 11. Why might the high-low method lead to inaccurate results? 12. Describe the five steps of the scattergraph method and how these steps are used to estimate costs. 13. How can the scattergraph method be used to identify unusual data points? 14. Describe how regression analysis is used to estimate costs. MANAGERIAL ACCOUNTING VERSION 15. How does the contribution margin income statement differ from the traditional income statement

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