A Need Is a Requirement or Necessity for Survival and Well-Being

question 2

True/False

A need is a requirement or necessity for survival and well-being.

---

Definitions:

Automated Shaper

A machine tool that uses computer control for shaping or surfacing metal and other materials.

Gross Margin

The difference between revenue and the cost of goods sold, expressed as a percentage of revenue, indicating the portion of sales income that exceeds the cost of goods sold.

Job-Order Costing

A costing method used to determine the cost of producing specific products or jobs, assigning direct materials, labor, and overhead costs to individual jobs based on actual expenses incurred.

Predetermined Overhead Rate

An estimated rate used for allocating fixed and variable overhead costs to products or services based on expected activity levels.