The Four Basic Methods Used to Obtain Samples Are: Random

question 79

True/False

The four basic methods used to obtain samples are: random, irregular, cluster, and
stratified sampling.

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Definitions:

Standard Cost

A predetermined cost of manufacturing, which is often used in budgeting and variance analysis.

Budgeted Amount

The estimated financial expenditure or revenue for a specific period, often used as a plan or guideline for managing finances.

Overhead Volume Variance

The difference between the budgeted overhead costs and the actual costs incurred, due to changes in the level of production or activity.

Fixed Overhead

Fixed Overhead refers to the indirect costs of production that do not vary with the volume of production, such as salaries of managers, rent of factory, and depreciation of equipment.