Historically Entrepreneurs in the U.S

question 65

Multiple Choice

Historically entrepreneurs in the U.S.

• A) created wealth for themselves, but have had a minor impact on the economy as a whole.
• B) started many small firms that later became major corporations employing thousands of workers.
• C) experienced success only when they worked in partnership with the federal government.
• D) played an important role, but are less important now in creating jobs and wealth.

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Definitions:

Factory Overhead

All indirect costs associated with manufacturing, excluding direct materials and direct labor costs, such as utilities and rent for the factory.

Indirect Labor

Labor costs of workers who assist in or facilitate the manufacturing process but do not directly work on the product.

Prime Costs

Direct materials and direct labor costs that are directly associated with the production of goods.

Factory Overhead Costs

Expenses related to operating a factory that cannot be directly traced to specific units produced, such as electricity, maintenance, and rent of the factory space.