A Time Series Is Any Variable That Is Measured Over

question 45

True/False

A time series is any variable that is measured over time in sequential order.

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Definitions:

Contribution Margin

The difference between the sales revenue generated from a product or service and the variable costs associated with its production and sales.

Variable Costing

A costing method that includes only variable manufacturing costs—direct materials, direct labor, and variable manufacturing overhead—in the cost of goods sold and excludes fixed manufacturing overhead.

Absorption Costing

A costing method that includes both variable and fixed manufacturing overhead costs in the cost of a product.

Net Income

The net income a business realizes once it has subtracted all outgoings and fiscal charges from its revenue.