Which of the Following Statements Is Incorrect?​

question 109

Multiple Choice

Which of the following statements is incorrect?​

• A)​Social class rankings do not always correlate with economic status.
• B)​Status symbols are indicative of social class or hierarchy.
• C)​Social institutions protect those who are at the lowest social ranking.
• D)​Political ideology is used to maintain stratification in a society.

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Definitions:

Gross Margin

The difference between sales revenue and cost of goods sold, representing the fundamental profit derived from trading activities, before deduction of operating expenses.

Operations

Activities involved in the day-to-day running of a business for the purpose of producing value for the stakeholders.

Variable Costing

An accounting method that includes only variable production costs—direct materials, direct labor, and variable manufacturing overhead—in the cost of goods sold.

Absorption Costing

A calculation approach that encompasses all expenses of production, such as materials, labor, and all overheads, both variable and fixed, in determining a product's price.