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What is the primary purpose of cost control?
Practice Questions
Q1
What is the primary purpose of cost control?
To increase sales
To reduce fixed costs
To ensure that actual costs do not exceed budgeted costs
To maximize profit
Questions & Step-by-Step Solutions
What is the primary purpose of cost control?
Steps
Concepts
Step 1: Understand what cost control means. It is a way to manage and monitor expenses.
Step 2: Know that every project or business has a budget, which is the planned amount of money to spend.
Step 3: The goal of cost control is to keep the actual spending (what you really spend) within the limits of the budget (what you planned to spend).
Step 4: If actual costs go over the budgeted costs, it can lead to financial problems.
Step 5: Therefore, the primary purpose of cost control is to prevent overspending and ensure financial stability.
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