Identify Time Series and Cross Sections

question 8

Multiple Choice

Identify time series and cross sections.
-A mid-priced chain of hotels, Hometown Suites, collects data on monthly occupancy
Rates for forecasting and planning purposes. These data are

• A) cross-sectional.
• B) time series.
• C) categorical.
• D) transactional.
• E) experimental.

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Definitions:

Variable Costs

Costs that vary directly with the level of production or sales volume, such as raw materials and direct labor costs.

Units of Production

A method of depreciation that calculates the expense based on the actual usage or production levels of an asset, rather than time.

Master Budget

A comprehensive financial planning document that combines all of the individual budgets related to sales, cost of goods sold, operating expenses, and other activities into one consolidated plan.

Sales Volume

The quantity of products or services sold by a company within a specific period.