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1. Accountants usually define ___ as a resource sacrificed or foregone to achieve a specific objective of something given up in exchange.

a. Money

b. Liability

c. Trade

d. Cost

d. Cost

2. What is the main goal of project cost management?

a. To complete a project for as little cost as possible.

b. To complete a project within an approved budget.

c. To provide truthful and accurate cost information on projects.

d. To ensure that an organization's money is used wisely.

b. To complete a project within an approved budget.

3. Which of the following is not an output of the project cost management process called estimating costs, according to the PMBOK Guide?

a. Activity cost estimates

b. A cost baseline

c. Basis of estimates

d. Project documents updates

b. A cost baseline

4. If a company loses $5 for every $100 in revenue for a certain product, what is the profit margin for that product?

a. -5 percent

b. 5 percent

c. -$5

d. $5

a. -5 percent

5. ____ reserves allows for future situations that are unpredictable.

a. Contingency

b. Financial

c. Management

d. Baseline

b. Management

6. You are planning a cost estimate for a building based on its location, purpose, number of square feet, and other characteristics. What cost-estimating techniques are you using?

a. Parametric

b. Analogous

c. Bottom-up

d. Top-down

a. Parametric

7. ___ involves allocating the project cost estimate to individual material resources or work items over time.

a. Reserve analysis

b. Life Cycle costing

c. Project cost budgeting

d. Earned value analysis

c. Project cost budgeting

8.

___ is a project performance measurement technique that integrates scope, time, an cost data.

a. Reserve analysis

b. Life cycle costing

c. Project cost budgeting

d. Earned value management

d. Earned value management

9. a. The cost variance is $500, which is under budget.

If the actual cost for a WBS item is $1,500 and its earned value is $2,000, what is the...