Firefighters risk serious and potentially fatal accidents whenever they attend an incident.
Which of the following statements is correct?

• A.Every incident should be the subject of a detailed and thorough risk assessment before the firefighters are permitted to respond.
• B.The risk of serious accidents should always be accepted because that is what firefighters are paid to do.
• C.The risk of serious accidents should be avoided because the risk has a high probability and a high impact.
• D.The risk of serious accidents should be accepted in all but the most extreme incidents.

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The discount rate at which the net present value (NPV) is zero is known as the

• A.risk adjusted discount rate
• B.accounting rate of return
• C.breakeven point
• D.internal rate of return

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Which of the following statements is correct in respect of the key feature of dual pricing?

• A.Internal transfers are priced at marginal cost and a lump sum payment is made subsequently to contribute to fixed costs.
• B.The selling price recorded by the selling division is higher than the cost recorded by the receiving division.
• C.Internal customers are charged a lower price than external customers to reflect savings in distribution costs.
• D.Internal customers are offered trade discounts depending on the number of units they purchase.

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A manufacturing company is in the process of introducing just in time (JIT) and total quality management (TQM) into every aspect of its value chain.
Which TWO of the following are appropriate changes to make to the support activities in the organization's value chain?

• A.After sales service would need to ensure that appraisal costs are kept to a minimum.
• B.Technology development would need to ensure that processes are continually improving.
• C.Operations would need to be carried out on a right first time basis as any failure could delay production.
• D.Inbound logistics would need to ensure that materials of appropriate quality are delivered on a just in time basis.
• E.Procurement would need to arrange to purchase goods so that they are delivered as required.
• F.Firm infrastructure would need to arrange appropriate training courses for staff.

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Which of the following is a key objective when agreeing a basis for setting transfer prices?

• A.Allocating overhead costs effectively
• B.Promoting goal congruence
• C.Rewarding profit centre managers
• D.Increasing market share

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