A Job Has a Normal Time of 12 Minutes, a Performance

question 8

Multiple Choice

A job has a normal time of 12 minutes, a performance rating of 0.80, and an allowance of 20 percent of job time. The standard time for this job in minutes is:

• A)11.52.
• B)12.
• C)14.4.
• D)15.
• E)depends on the number of cycles observed.

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Definitions:

Coincidence of Wants

A situation in a barter economy where two parties each hold an item the other wants, facilitating a direct trade without the need for a medium of exchange.

Barter Economy

An economic system where goods and services are exchanged directly for other goods and services without using money as an intermediate.

Medium of Exchange

An instrument used to facilitate the sale, purchase, or trade of goods between parties, for example, money or digital currency.

Planned Economy

An economic system in which the government or a central authority makes all decisions regarding the production and distribution of goods and services.