In the Fourth Age,__________________

question 5

Multiple Choice

In the fourth age,__________________.

• A)the majority of people live in nursing homes or assisted living facilities
• B)there will be fewer people in the future than there are now
• C)people will need less health care than they did in the third age
• D)there is often a decline in level of independence

---

Definitions:

Direct Labor

The wages and other costs for labor directly involved in the production of goods or services, excluding indirect labor costs.

Standard Costs

Predetermined costs for materials, labor, and overhead, against which actual costs are compared.

Cost of Goods Sold

Expenses directly associated with producing goods a company sells, entailing labor and material costs.

Standard Cost Variances

The differences between actual costs and standard costs in manufacturing, divided into categories such as materials, labor, and overhead.