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CBT TEST

ACC 213 CBT PRACTICE

Phil

January 22, 2025

Take your time to read instructions before taking this test.

There are 40 questions which you are to answer in 15 minutes that gives you roughly 30 seconds per question.

If you can get at least 60%, you can be rest assured that you’ll ace ACC 213 exam

In a normal exam you will be asked between 40 – 60 questions but I only arranged 40 questions

Note

Do not be in a hurry to answer the questions

Do not waste time on a question you don’t know

Move as fast as possible and starting with questions that don’t have calculation first to save time

Always crosscheck

Don’t be in a hurry to submit, you are not in a competition

Don’t be scared. Getting an A is easy

Don’t be over confident, you can end up a D, E or F. Calm your blood, no be only you sabi book

Please do well to use our comment box incase there’s a message you want to pass to us

70 – 100 A

60 – 69 B

50 – 59 C

45 – 49 D

40 – 44 E

0 – 39 F

I wish you success

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ACC 213

1 / 40

1. Simple aggregate method is calculated as:

A. The ratio of price aggregates in the current and base year multiplied by 100

B. The difference between wholesale and retail prices

C. A weighted average of prices in the current year

D. The ratio of total quantities in two periods

2 / 40

2. The formula for the simple aggregate method does not account for:

A. Price variations

B. Weighted averages

C. Arithmetic means

D. Units of measurement

3 / 40

3. The purpose of using index numbers in policy formulation is to:

A. Minimize inflation rates

B. Forecast population growth

C. Provide insights into economic trends

D. Simplify data interpretation

4 / 40

4. The formula for Fisher’s Price Index includes:

A. Simple aggregates of quantiti

B. The geometric mean of Laspeyre’s and Paasche’s indices

C. Only base year quantities

D. Weighted averages of prices in the base year

5 / 40

5. Index numbers are used to measure:

A. Changes in market structure

B. Seasonal variations in production

C. Statistical errors in surveys

D. Relative changes in phenomena over time

6 / 40

6. The value of the base period in index numbers is generally taken as:

A. 0

B. 200

C. 50

D. 100

7 / 40

7. Fisher’s index satisfies the factor reversal test by ensuring that:

A. Averages are statistically unbiased

B. Price and quantity indices yield consistent results

C. Time periods are reversed without affecting the index

D. Data remains reliable across multiple calculations

8 / 40

8. The primary objective of constructing index numbers is to:

A. Simplify statistical methods

B. Analyze relative changes over time

C. Promote industrial development

D. Enhance tax calculations

9 / 40

9. Selection of a base period for index numbers should avoid:

A. Political instability

B. All the options

C. Natural disasters

D. Periods of economic depression

10 / 40

10. The purpose of the wholesale price index is to:

A. Evaluate industrial output

B. Reflect changes in the general price level of the economy

C. Track retail pricing trends

D. Study individual consumer preferences

11 / 40

11. The main limitation of the Simple Aggregate Method is:

A. It ignores differences in units of measurement

B. It requires excessive data

C. It cannot handle price fluctuations

D. It uses fixed-base periods

12 / 40

12. The Dorbish-Bowley Price Index is calculated as:

A. The geometric mean of base and current year prices

B. The arithmetic mean of Laspeyre’s and Paasche’s Price Index

C. The harmonic mean of all index values

D. The weighted average of price aggregates

13 / 40

13. Paasche’s Price Index uses weights based on:

A. Base year prices

B. Average prices

C. Weighted aggregates

D. Current year quantities

14 / 40

14. The selection of commodities for an index number should consider:

A. All the options

B. Their price fluctuations

C. Their relevance to the study

D. Their availability across periods

15 / 40

15. Quantity indices are typically used for:

A. Analyzing income distribution

B. Evaluating changes in output or consumption

C. Calculating inflation rates

D. Studying price trends

16 / 40

16. The primary use of index numbers is to:

A. Evaluate corporate performances

B. Study microeconomic trends

C. Predict future stock prices

D. Track changes in specific phenomena

17 / 40

17. The term “weight” in index numbers refers to:

A. Statistical averages

B. Importance assigned to each commodity

C. Price variations

D. The unit of measurement for commodities

18 / 40

18. The index number of profit or sales is an example of:

A. Weighted index numbers

B. Value index numbers

C. Quantity index numbers

D. Price index numbers

19 / 40

19. The chain-base method is different from the fixed-base method because it:

A. Ignores quantity indices

B. Uses weighted averages

C. Allows comparisons across changing base periods

D. Focuses only on prices

20 / 40

20. Laspeyre’s and Paasche’s indices differ because:

A. One ignores quantity changes

B. One uses base year weights, the other uses current year weights

C. Both use different arithmetic methods

D. One calculates wholesale indices, the other retail indices

21 / 40

21. Price index numbers are classified into:

A. Track changes in specific phenomena

B. Predict future stock prices

C. Evaluate corporate performances

D. Evaluate corporate performances

22 / 40

22. Value index numbers are calculated by:

A. Subtracting fixed costs from variable costs

B. Dividing total revenue by total cost

C. Multiplying price by quantity

D. Using weighted averages

23 / 40

23. Quantity index numbers measure

A. Variations in production or consumption volumes

B. Changes in corporate profitability

C. Financial market trends

D. Price changes over time

24 / 40

24. A properly constructed index number should:

A. Focus solely on price variations

B. Be biased towards the highest values

C. Be based on accurate and reliable data

D. Ignore minor commodities

25 / 40

25. Retail price indices are designed to

A. Reflect consumer price variations

B. Evaluate industrial production

C. Evaluate industrial production

D. Monitor export trends

26 / 40

26. Value index numbers consider

A. Both price and quantity changes

B. Average price changes only

C. Wholesale prices exclusively

D. Retail prices exclusively

27 / 40

27. The Laspeyre’s Price Index formula includes:

A. The mean of price and quantity

B. The median of prices over time

C. Current year quantities as weights

D. Base year quantities as weights

28 / 40

28. The time reversal test ensures that

A. Averages are unaffected by price changes

B. The index remains consistent over different periods

C. Trends are reversible under specific conditions

D. Data reliability is maximized

29 / 40

29. Weighted aggregate methods are preferred because they:

A. Simplify complex calculations

B. Reflect the relative importance of commodities

C. Avoid issues with quantity indices

D. Ignore minor price variations

30 / 40

30. The purchasing power of money is measured using:

A. Price index numbers

B. Statistical averages

C. Weighted aggregates

D. Quantity index numbers

31 / 40

31. Irving Fisher introduced:

A. Paasche’s Price Index

B. Laspeyre’s Price Index

C. Simple aggregate methods

D. The ideal index formula

32 / 40

32. A reliable base period should ideally:

A. Exclude periods of high inflation

B. Be closer to the current year

C. Be free from economic disruptions

D. Have minimal data points

33 / 40

33. The base period index value is typically set to:

A. 0

B. 100

C. 1

D. 50

34 / 40

34. Weighted aggregate methods assign weights to commodities based on:

A. Their cost price

B. Arbitrary values

C. Relative importance in the group

D. Random sampling

35 / 40

35. Price index numbers are classified into:

A. Quantity and value indices

B. Wholesale and retail price indices

C. Simple and compound

D. Weighted and unweighted

36 / 40

36. Laspeyre’s Price Index uses:

A. Current year weights

B. Geometric mean of prices

C. Aggregate averages

D. Base year quantities as weights

37 / 40

37. Index numbers for deflation are used to:

A. Measure inflationary pressures

B. Compare income levels across regions

C. Adjust nominal values to real terms

D. Analyze population growth

38 / 40

38. The Dorbish-Bowley Index is sometimes referred to as:

A. The geometric index

B. The ideal price index

C. The average of simple aggregates

D. The L-P formula

39 / 40

39. Fisher’s Price Index is considered ideal because it satisfies:

A. Exponential growth assumptions

B. Arithmetic and harmonic mean tests

C. Statistical bias tests

D. Consistency and reversal tests

40 / 40

40. The geometric mean is used in Fisher’s Price Index to:

A. Eliminate statistical bias

B. Simplify data aggregation

C. Combine Laspeyre’s and Paasche’s indices

D. Minimize errors in data collection

Your score is

The average score is 46%

ACC 213 CBT PRACTICE

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