According to the July 2015 Consumer Price Index (CPI),the Top

question 132

Multiple Choice

According to the July 2015 consumer price index (CPI) ,the top three consumer expenditure categories are,respectively,

• A) housing,transportation,and entertainment.
• B) transportation,housing,and energy.
• C) housing,medical care,and food and beverages.
• D) transportation,housing,and medical care.
• E) housing,transportation,and food and beverages.

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Definitions:

Finished Goods

The final products that are completed and ready for sale to customers.

Job-Order Costing

An accounting methodology used to assign manufacturing costs to individual units or batches of production, based on the jobs performed.

Predetermined Overhead Rate

A rate calculated before a period begins, used to allocate manufacturing overhead costs to products.

Machine-Hours

A measure of production time, referring to the total number of hours machines are operated during a specific period.