How Often Is the Consumer Price Index Calculated for the United

question 41

Multiple Choice

How often is the Consumer Price Index calculated for the United States?

• A)daily
• B)weekly
• C)monthly
• D)twice a year

---

Definitions:

Actual Hours Incurred

The real number of hours worked or used in the completion of a task or production of a good, as opposed to the estimated hours.

Materials Price Variance

The difference between the actual cost of materials and the expected (standard) cost multiplied by the quantity of materials used.

Standard Costing System

A cost accounting system that uses standard costs for product costs and measures variances to actual costs for performance evaluation.

Overhead Volume Variance

The difference between the expected (budgeted) overhead costs and the actual overhead allocated based on actual volume of production.