Rachelle Graduated from a University with a Degree in Chemical

question 107

Multiple Choice

Rachelle graduated from a university with a degree in chemical engineering.During her years of employment,she became proficient in a particular type of process automation software.In addition,she spent countless hours outside of work amassing training certifications that augmented her work experience.Her collection of education,skills,and experience is defined as her

• A) human capital.
• B) résumé.
• C) training.
• D) work history.
• E) capital investment.

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Definitions:

Fixed Costs

Costs that do not fluctuate with the volume of production or sales, such as rent, salaries, and insurance premiums.

Variable Costing

An accounting method in which costs that vary directly with production volume (such as materials and labor) are included in product costs, whereas fixed costs are not.

Absorption Costing

A system of accounting that entails adding all expenses incurred in production, including direct materials, direct labor, and both variable and fixed overheads, into the cost calculation of a product.

Product Cost

The total cost of manufacturing or purchasing a product, including raw materials, labor, and overhead expenses.