A Person in the Civilian Labor Force Falls into One

question 98

Multiple Choice

A person in the civilian labor force falls into one of two categories:

• A) a person who works in a service industry or a person who works in a manufacturing industry.
• B) unemployed or employed.
• C) disemployed or unemployed.
• D) a self-employed worker or a non-self-employed worker.

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Definitions:

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including materials and labor costs.

Overapplied

A situation in cost accounting where the allocated overhead costs exceed the actual overhead costs.

Finished Goods Inventory

The stock of completed products that are ready to be sold.

Underapplied

Describes the situation where the allocated manufacturing overhead is less than the actual manufacturing overhead incurred.