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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. The primary objective of constructing index numbers is to:

A. Simplify statistical methods

B. Enhance tax calculations

C. Promote industrial development

D. Analyze relative changes over time

2 / 40

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

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

B. Track retail pricing trends

C. Study individual consumer preferences

D. Evaluate industrial output

3 / 40

3. Index numbers for deflation are used to:

A. Analyze population growth

B. Adjust nominal values to real terms

C. Measure inflationary pressures

D. Compare income levels across regions

4 / 40

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

A. 0

B. 200

C. 50

D. 100

5 / 40

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

A. Price variations

B. Units of measurement

C. Arithmetic means

D. Weighted averages

6 / 40

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

A. The ideal price index

B. The L-P formula

C. The average of simple aggregates

D. The geometric index

7 / 40

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

A. The weighted average of price aggregates

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

C. The geometric mean of base and current year prices

D. The harmonic mean of all index values

8 / 40

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

A. Average prices

B. Base year prices

C. Weighted aggregates

D. Current year quantities

9 / 40

9. Weighted aggregate methods are preferred because they:

A. Reflect the relative importance of commodities

B. Simplify complex calculations

C. Avoid issues with quantity indices

D. Ignore minor price variations

10 / 40

10. Price index numbers are classified into:

A. Weighted and unweighted

B. Simple and compound

C. Wholesale and retail price indices

D. Quantity and value indices

11 / 40

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

A. Political instability

B. All the options

C. Periods of economic depression

D. Natural disasters

12 / 40

12. Problems in the construction of index numbers include:

A. Challenges in choosing appropriate averages

B. Lack of reliable data

C. All the options

D. Difficulty in selecting a base period

13 / 40

13. Price index numbers are classified into:

A. Track changes in specific phenomena

B. Evaluate corporate performances

C. Predict future stock prices

D. Evaluate corporate performances

14 / 40

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

A. Allows comparisons across changing base periods

B. Focuses only on prices

C. Uses weighted averages

D. Ignores quantity indices

15 / 40

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

A. Simplify data aggregation

B. Minimize errors in data collection

C. Combine Laspeyre’s and Paasche’s indices

D. Eliminate statistical bias

16 / 40

16. A properly constructed index number should:

A. Ignore minor commodities

B. Focus solely on price variations

C. Be based on accurate and reliable data

D. Be biased towards the highest values

17 / 40

17. Retail price indices are designed to

A. Reflect consumer price variations

B. Monitor export trends

C. Evaluate industrial production

D. Evaluate industrial production

18 / 40

18. Value index numbers are calculated by:

A. Dividing total revenue by total cost

B. Subtracting fixed costs from variable costs

C. Multiplying price by quantity

D. Using weighted averages

19 / 40

19. Quantity indices are typically used for:

A. Evaluating changes in output or consumption

B. Studying price trends

C. Calculating inflation rates

D. Analyzing income distribution

20 / 40

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

A. Only base year quantities

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

C. Weighted averages of prices in the base year

D. Simple aggregates of quantiti

21 / 40

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

A. Time periods are reversed without affecting the index

B. Price and quantity indices yield consistent results

C. Data remains reliable across multiple calculations

D. Averages are statistically unbiased

22 / 40

22. The primary use of index numbers is to:

A. Predict future stock prices

B. Track changes in specific phenomena

C. Study microeconomic trends

D. Evaluate corporate performances

23 / 40

23. Laspeyre’s Price Index uses:

A. Base year quantities as weights

B. Geometric mean of prices

C. Current year weights

D. Aggregate averages

24 / 40

24. The purchasing power of money is measured using:

A. Statistical averages

B. Weighted aggregates

C. Price index numbers

D. Quantity index numbers

25 / 40

25. 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

26 / 40

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

A. 100

B. 0

C. 1

D. 50

27 / 40

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

A. Exponential growth assumptions

B. Statistical bias tests

C. Arithmetic and harmonic mean tests

D. Consistency and reversal tests

28 / 40

28. 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

29 / 40

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

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

B. One ignores quantity changes

C. One calculates wholesale indices, the other retail indices

D. Both use different arithmetic methods

30 / 40

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

A. Quantity index numbers

B. Weighted index numbers

C. Value index numbers

D. Price index numbers

31 / 40

31. Index numbers are used to measure:

A. Seasonal variations in production

B. Relative changes in phenomena over time

C. Statistical errors in surveys

D. Changes in market structure

32 / 40

32. 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. The ratio of total quantities in two periods

D. A weighted average of prices in the current year

33 / 40

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

A. Their availability across periods

B. Their price fluctuations

C. All the options

D. Their relevance to the study

34 / 40

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

A. Random sampling

B. Relative importance in the group

C. Their cost price

D. Arbitrary values

35 / 40

35. Irving Fisher introduced:

A. Paasche’s Price Index

B. Simple aggregate methods

C. The ideal index formula

D. Laspeyre’s Price Index

36 / 40

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

A. It uses fixed-base periods

B. It cannot handle price fluctuations

C. It ignores differences in units of measurement

D. It requires excessive data

37 / 40

37. The Laspeyre’s Price Index formula includes:

A. The mean of price and quantity

B. Current year quantities as weights

C. Base year quantities as weights

D. The median of prices over time

38 / 40

38. Value index numbers consider

A. Both price and quantity changes

B. Average price changes only

C. Retail prices exclusively

D. Wholesale prices exclusively

39 / 40

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

A. Importance assigned to each commodity

B. Statistical averages

C. The unit of measurement for commodities

D. Price variations

40 / 40

40. The time reversal test ensures that

A. Trends are reversible under specific conditions

B. Averages are unaffected by price changes

C. Data reliability is maximized

D. The index remains consistent over different periods

Your score is

The average score is 46%

ACC 213 CBT PRACTICE

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