_____ Is the Process of Personally or Electronically Contacting Suppliers

question 56

Multiple Choice

_____ is the process of personally or electronically contacting suppliers to determine the status of past-due or near-past-due shipments.

• A)Buying
• B)Negotiating
• C)Outsourcing
• D)Expediting
• E)Insourcing

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Definitions:

Standard Costs

Predetermined costs for materials, labor, and overhead used in budgeting and assessing performance.

Labor Efficiency Variance

A measure of the difference between the actual hours worked by employees and the standard hours expected to complete a task, used to assess labor productivity.

Direct Labor Standards

These standards define the amount of time and the rate of pay anticipated for direct labor required to manufacture a product or provide a service.

Actual Direct Labor Cost

Actual direct labor cost is the total amount of money paid for the wages of laborers directly involved in the production of goods or services.