Examlex
Successful entrepreneurs are essentially gamblers at heart.
Standard Cost
A predetermined cost of manufacturing a product or providing a service, used for budgeting and performance evaluation.
Labour Rate
The amount of money paid to workers for their services, typically expressed as an hourly wage.
Labour Efficiency
The measure of the output generated by employees in relation to the time and resources used, indicating the productivity of labor.
Overtime Hours
Hours worked by employees that exceed the standard working hours, often compensated at a higher pay rate.
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