Having a Competitive Advantage Is ____,Otherwise the Business Is Not

question 59

Multiple Choice

Having a competitive advantage is ____,otherwise the business is not needed.

• A) Unnecessary
• B) Necessary
• C) Critical
• D) Relative to the industry

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Definitions:

Fixed Overhead Rate

A predetermined rate used to allocate fixed overhead costs to units of output, based on a standard level of activity.

Gross Profit

Sales minus the cost of goods sold.

Volume Variance

A measure used in budgeting and accounting to illustrate the difference between expected sales volume and actual sales volume.

Standard Costs

Predetermined costs for manufacturing a product or delivering a service, used as targets or benchmarks.