A Picture or Verbal Description of a Product or Service

question 31

Multiple Choice

A picture or verbal description of a product or service a firm might offer for sale is referred to as

• A) a constraint.
• B) an exemplar.
• C) a new-product concept.
• D) a test offering.
• E) a protocol.

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Definitions:

Standard Materials Price

The predetermined cost of materials that is used in setting a product's budget and evaluating its actual cost performance.

Finished Product

A good that has completed the manufacturing process and is ready to be sold to customers.

Direct Labor Variance

The difference between the actual labor costs incurred and the standard or expected costs for the labor to produce a certain amount of goods.

Materials Quantity Variance

The variance between the real amount of materials utilized in manufacturing and the anticipated standard amount, times the standard unit cost.