Numeric Variables Are Also Called

question 38

Multiple Choice

Numeric variables are also called:

• A)nominal variables
• B)categorical variables
• C)quantitative variables
• D)irrelevant variables

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Definitions:

Budgeted Sales

Projected sales for a future period, often used for planning and managing resources and setting goals.

Beginning Inventory

The value of a company's inventory at the start of an accounting period, which is carried over from the end of the previous period.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated as the beginning inventory plus net purchases minus cost of goods sold.

Direct Materials

Raw materials that are directly traceable to the manufacturing of a product and constitute a significant portion of the production cost.