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A tennis club is considering running an open day to encourage new members and thus increase membership fees. The cost of the open day will be $1,000. Attendance is dependent on the weather. There is a 60% chance of good weather and a 40% chance of poor weather on the open day.

The expected new membership fees are:

What is the expected value of running the open day?

Give your answer as a whole number.

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Question 2

A flexible budget is a budget that is:

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set prior to the control period and not subsequently changed in response to changes in activity period has expired

continuously updated by adding a further accounting period when the earliest accounting period has expired

changed in response to changes in the level of activity

changed in response to changes in costs

Question 3

In a manufacturing company, breakeven occurs at which TWO of the following?

Options:

When contribution is equal to zero

When profit is equal to zero

When revenue is equal to contribution

When revenue is equal to fixed costs

When fixed costs are equal to contribution

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