Average Life Expectancy

question 25

Multiple Choice

Average life expectancy:

• A)Is originally and most rapidly increased by decreasing the number of deaths in the early years of life
• B)Is inversely correlated with death rates
• C)Is exceeded by some individuals and not achieved by others
• D)All of these
• E)None of these

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Definitions:

Labor Variances

Differences between the actual labor costs incurred and the standard labor costs expected for the work performed.

Standard Labor Rate

A predetermined cost per labor hour, used in budgeting and cost control for planning and evaluating labor expenses.

Actual Hours Incurred

The real number of hours worked or used in the completion of a task or production of a good, as opposed to the estimated hours.

Materials Price Variance

The difference between the actual cost of materials and the expected (standard) cost multiplied by the quantity of materials used.