The __________ Heuristic Is One That Involves Judging the Probability

question 188

Multiple Choice

The __________ heuristic is one that involves judging the probability of an event by its superficial similarity to a prototype.

• A)availability
• B)representativeness
• C)confirmation
• D)hindsight

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Definitions:

Variable Overhead Efficiency Variance

The difference between the actual variable overhead costs incurred and the expected variable overhead costs based on standard cost accounting practices.

Direct Labor-hours

The whole amount of production time by workers intimately involved in manufacturing.

Variable Manufacturing Overhead

Indirect manufacturing costs that fluctuate with production volume, such as utilities and indirect materials.

Standard Costing System

is an accounting method used to estimate the cost of production, based on standard costs for materials, labor, and overhead, for the purpose of budgeting and cost control.