Nonsampling Errors Occur Because of Errors in

question 43

Multiple Choice

Nonsampling errors occur because of errors in

• A) conceptionalization of the response project.
• B) reporting the results of a project.
• C) arithmetic.
• D) interpreting respondent replies.
• E) All of the above are nonsampling errors.

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Definitions:

Sunk Cost

A cost that has already been incurred and cannot be recovered or changed.

Period Cost

Expenses on the income statement that are not directly tied to the production of goods, including sales, administration, and other overhead costs.

Opportunity Cost

The cost of foregone alternatives, representing the potential benefits an individual, investor, or business misses out on when choosing one alternative over another.

Conversion Costs

Expenses incurred in the process of converting raw materials into finished goods, including labor and manufacturing overhead.