Use the Partial Income Statement Below to Answer the Following

question 17

Multiple Choice

Use the partial income statement below to answer the following group of questions

$\begin{array}{lrrr} & \text { Actual } & \text { Budget } & \text { Difference } \\\text { Revenue from Sales } & \$ 65000 & \$ 55000 & 18 \% \\\text { Sales Discounts } & -5000 & -2000 & 150 \% \\\text { Net Sales } & 60000 & 53000 & 13 \% \\\text { Advertising } & 4000 & 1000 & 300 \% \\\text { Cost of Goods Sold } & 25000 & 28000 & -11 \% \\& & & \\\text { Sales Commissions } & 6000 & 3000 & 100 \% \\\text { Other Expenses } & 4000 & 4000 & 0 \% \\\text { Total Expenses } & 39000 & 36000 & 8 \%\\\\\text{Net Income}&\underline{21000}&17000& \mathbf{2 4 \%}\end{array}$
-The percentages in the difference section of the statement show that -

• A)cost of goods sold was lower than budgeted but other costs were higher
• B)cost of goods sold was higher than budgeted but other costs were lower
• C)all expenses were reasonable
• D)net income was higher than budgeted because the percent difference for expenses was less than the difference for sales

Acknowledge the role of education in facilitating technological changes and the acceptance of new ideas.

Understand the consequences of tied foreign aid and its effects on the agricultural sector of developing countries.

Understand the concept of technopoly and its implications on society.

Define and discuss the concept of normal accidents within technological systems.

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Definitions:

Continuous Variables

Variables that can take on an infinite number of values within a given range.

Ratio Data

Ratio data is a type of quantitative data that enables the measurement of variables in defined units, allowing for a full range of descriptive statistics, including true zero values and proportional comparisons.

Nominal Variables

Variables that represent categories with no inherent order or ranking among them.

Counts

The act of determining the total number of items or occurrences of something.