Variable Costs

question 73

Multiple Choice

Variable costs

• A)decrease with increasing output.
• B)increase with decreasing output.
• C)decrease with decreasing output.
• D)might increase or decrease with increasing output.

Calculate the total sum of units or cost based on given transaction records.

Compute the extension column value by multiplying the unit cost by quantity.

Determine and compute the cost of goods sold based on markup and sales data.

Compute the ending inventory at cost when given beginning inventory, purchases, and sales data.

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Definitions:

Payroll Taxes

are taxes imposed on employers and employees, calculated as a percentage of the salaries that employers pay their staff, used to fund social security and healthcare programs.

Social Security

A public retirement pension system administered by the federal government.

Minority Group

A term used to describe a group of people who experience a narrower access to power and resources within a society due to various characteristics such as race, religion, language, or ethnicity.

Physical Characteristics

The defining traits, qualities, or properties that can be observed or measured on a physical object, person, or phenomenon.