Richard, an Experienced Chef, Applied for a Role in a Commercial

question 64

Multiple Choice

Richard, an experienced chef, applied for a role in a commercial for baked goods. He felt he was perfect for the role as he specialized in baking. However, he was turned down because the advertising firm felt that a woman would fit the product image of baked goods better than a man would. To which of the following was Richard subjected?

• A) Ethnocentrism
• B) Sexism
• C) Ageism
• D) Nepotism

Understand the concept of labor efficiency variance and its impact on job costing.

Grasp the variable and fixed overhead efficiency variance and their roles in cost management.

Determine how quantity and price standards are used to control material and labor costs.

Evaluate when and why variances can be favorable or unfavorable in manufacturing overhead.

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Definitions:

Inefficient Outcomes

Situations in which resources are not allocated optimally, leading to wasted resources or unmet potential.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in market balance.

Moral Hazard

A situation in which one party engages in risky behavior or lacks incentive to guard against risk because they are protected by an insurance or other agreement.

AFLAC

An American insurance company that provides supplemental insurance to help cover expenses health insurance doesn't.