You've Heard That a Minimum of 15 Hours Time Is

question 239

Multiple Choice

You've heard that a minimum of 15 hours time is necessary to do well on an exam. So, you start to record how much time you studied and how well you do on exams. You conclude that they were right-15 hours is necessary to do well. You have reached this conclusion using

• A)deductive reasoning
• B)inductive reasoning
• C)heuristics
• D)an algorithm
• E)a subgoal analysis

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Definitions:

Standard Cost System

An accounting system that assigns predetermined costs to products and services, which are then compared to actual costs for variance analysis.

Direct Materials

Raw materials that are directly traceable to the manufacturing of a product and are a significant portion of production costs.

Raw Materials Inventory

The stock of basic materials that are used in production but have not yet been processed.

Standard Costs

Predetermined or budgeted costs for materials, labor, and overhead, used as benchmarks to measure actual performance and manage costs.