A Few Days Ago, Mr

question 16

Multiple Choice

A few days ago, Mr. McKay worked with students to develop a rubric for assessing their projects in the historical fiction unit. The class has worked on the unit for more than a week, and students know the expectations for their projects. Today Mr. McKay paired students to work together and review their work using the rubric as a guide. Students are engaged in which of the following?

Definitions:

Variable Costing

A costing method where variable manufacturing costs are treated as product costs, and fixed manufacturing overhead is treated as a period cost.

Net Income

The amount of earnings left after all expenses, including taxes and costs, have been subtracted from total revenue.

Fixed Overhead

Fixed overhead consists of the consistent, ongoing costs not directly tied to production levels within a business, such as rent, insurance, and salaries.

Inventory

Items held by a company for sale in the ordinary course of business or to be used in producing goods and services for sale.