Materials cost is one of the important elements of cost of product or unit. It constitutes a substantial proportion of the total cost of production. For material cost control purposes, it is very essential to know the important aspects of material, material control and material purchase control.
Material Cost is cost of material of any nature used for the purpose of production of a product or a service. This cost can be direct material cost or indirect material cost.Indirect Materials are the materials, the costs of which cannot be directly attributed to a particular cost object while Direct Materials are the materials, the costs of which can be attributed to a cost object in an economically feasible way.
0 of 10 questions completed
Take This Challenge !
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading...
You must sign in or sign up to start the quiz.
You have to finish following quiz, to start this quiz:
0 of 10 questions answered correctly
Time has elapsed
You have reached 0 of 0 points, (0)
Thanks for participating!
See you soon!
- Question 1 of 10
1. Question1 points
The Pendleton Act was created in response to theCorrect
The Pendleton Act was passed on January 16, 1883, under the administra- tion of Chester A. Arthur, in response to the assassination of President James Garfield by Charles Guiteau in 1881. Guiteau was a disgruntled Stalwart (member of the political fac- tion within the Republican Party against civil service reform) who was hoping to receive a political appointment under the spoils system. The spoils system, also known as the patron- age system, involved elected officials rewarding supporters with jobs or promoting public employees for political support. While the practice existed long before his administration, Andrew Jackson’s administration is most associated with the term. It was derived in 1828 from the saying “To the victor belong the spoils.” The Pendleton Civil Service Reform Act ended the spoils system and instituted a merit-based system. This law initially applied only to the federal government, allowing political machines to thrive at the state and local levels.Incorrect
- Question 2 of 10
2. Question1 points
The Civil Service Commission ended the spoils system byCorrect
The Civil Service Commission was created by the Pendleton Civil Service Reform Act in 1883 in the wake of James Garfield’s assassination. It ended the spoils system by instituting a merit-based system, which required those seeking certain government jobs to take the civil service exam. It furthermore kept elected officials and appointees from firing public employees. This helped remove patronage from federal public employment.Incorrect
- Question 3 of 10
3. Question1 points
Which of the following was not part of the Populist Party’s platform?Correct
The Populist Party emerged out of the earlier farmers’ alliances of the 1870s and 1880s. It first appeared in 1887 as a national third party. It was created in response to industrialism and the concentration of wealth in the hands of large banks and big business. The party called for banking reform, blaming the Panic of 1873 and the following economic downturn on unfair banking practices. The Populists called for the end of the national banking system, which never happened; instead, the Federal Reserve was created in 1913. Furthermore, they called for the nationalization of the railroads. This platform emerged mainly from the farmers who made up a major constituency of the party. They were against the unfair rate and rebate systems, which hurt small farms. These ideas led to accusations of socialism within the party. Rejecting the concentration of wealth, the Populists also called for a graduated income tax. This meant one’s tax rates would increase as his or her income increased. Steps to institute this policy began in 1894 with the Wilson-Gorman Tariff, which imposed a uniform tax. The Populists’ major focus was ending the gold standard and instead opting for “free coinage of silver.” The Populists’ 1896 presidential nominee, William Jennings Bryan, gave his famous “Cross of Gold” speech calling upon the nation to move away from the gold standard (see answer to question 345).Incorrect
- Question 4 of 10
4. Question1 points
Which of the following transformed the practice of post–Civil War agriculture?Correct
The post–Civil War period saw rapid mechanization of agriculture. Improved plows, seed spreaders, and mechanical reapers, as well as steam-powered threshers and bail- ers, helped farmers cultivate larger amounts of land and reap larger harvests. This increased the supply of agricultural goods, lowering prices, and buying the new equipment often caused the smaller farmers to accumulate debt. Often these smaller farms were absorbed by larger farms, increasing the average size of farms. Also, many poorer farmers called for the coinage of silver and the removal from the gold standard. This action would cause inflation, which would benefit farmers burdened with debt. Though farming was hard on the Great Plains, the continuation of homestead acts continued to draw settlers to the open lands of the West through the late 19th century.Incorrect
- Question 5 of 10
5. Question1 points
During the late 19th century, the reduction in price of American agricultural products led toCorrect
As the mechanization of farming began to increase following the Civil War, more land in the West was tilled, and production of agricultural goods increased rapidly. This drove down the price of these goods. To maintain a profit, farmers were forced to produce even more. This constant production of excessive surplus continually kept prices lower. Fol- lowing the Panic of 1873, many farmers found themselves in severe debt from low prices as well as the cost of new equipment. This, in part, led to the emergence of the Grange and Farmers’ Alliances.Incorrect
- Question 6 of 10
6. Question1 points
Which of the following factors played the largest role in increasing the settlement of the Great Plains?Correct
As the American railroad systems expanded following the Civil War, previously inaccessible regions throughout the United States became easily reached. This made farm- ing in the West more profitable, and many people began to move to the West to become private landowners and farmers. Furthermore, homestead acts made land affordable to poor people from the United States as well as immigrants. This resulted in the forced removal of Native American tribes who occupied these western lands. The increase of farming and the introduction of new mechanized tools led to greater surpluses of agricultural goods, driving down their prices. The prices were further lowered as the European demand for American agricultural goods declined.Incorrect
- Question 7 of 10
7. Question1 points
Which of the following statements best describes the condition of western cattle ranching during the 1880s?Correct
Cattle raising had been an important industry in the American Southwest since Spanish colonial times. However, following the Civil War, the American diet began to switch from pork to beef, and the price of beef began to rapidly rise with the increased demand. This trend was furthered by the introduction of the refrigerated railway car in the 1870s. While profits were made by wealthy ranchers, most of the cowboys who led the famous cattle drives saw little of the profit. Small ranchers often could not maintain a profit and were absorbed by larger ones. Also, life on the range was often full of hardships. Natural obstacles such as weather and a rough terrain challenged these cowboys, as did stiff competition for land, especially after more farmers began to establish permanent farms on once-open grazing spaces.Incorrect
- Question 8 of 10
8. Question1 points
During the late 19th century, a “robber baron” would be best defined asCorrect
“Robber baron” was the nickname given by critics to the heads of industry during the period following the Civil War. Also known as captains of industry, these men domi- nated their particular areas of business and amassed enormous fortunes. Examples include Andrew Carnegie in the steel industry, Cornelius Vanderbilt in railroads, and J. P. Morgan in banking and investment. By the 1890s, 10 percent of the nation’s wealth was held by less than 10 percent of the population. The term robber baron was derived from what was seen by many as nefarious business practices, such as the use of monopolies and trusts, ill treatment of labor, and price-fixing.Incorrect
- Question 9 of 10
9. Question1 points
The goal of the Sherman Antitrust Act was toCorrect
The Sherman Antitrust Act, passed in 1890, marked the federal government’s first true attempt to limit trusts, cartels, and monopolies. A trust is a business formed with intent to control an area of commerce. A cartel is a group of independent businesses formed to regulate production and prices of goods among members. A monopoly is a business with such dominant control over a product or service that it can limit competition or make itself nearly a sole provider. While the law was intended to create a fairer playing field for busi- nesses and industry, it was not truly pursued until Theodore Roosevelt’s administration. In fact, one of its earliest direct applications was against unions involved in the 1894 Pullman strike (see answer to question 321).Incorrect
- Question 10 of 10
10. Question1 points
In response to the 1894 Pullman strike, the U.S. governmentCorrect
The Pullman strike of 1894 occurred after George Pullman cut wages in response to the depression in 1893. A union leader of the American Railway Union named Eugene V. Debs responded by organizing more than 120,000 workers to strike. It was announced that railroad workers would not run any trains that used Pullman cars. Though the strike was based in Chicago, the strike shut down rail lines across the nation. Eventually, the fed- eral government intervened by passing an injunction against the union, making the boycott illegal, and by employing federal troops to break up the striking workers. The injunction, which was upheld in the courts, served as a major setback for labor, though the strike did lead to investigations of Pullman’s business practices.Incorrect