In 1911, New Jersey Became the First State to Implement

question 37

True/False

In 1911, New Jersey became the first state to implement a personal income tax, which was two years before the federal government enacted its own personal income tax.

---

Definitions:

Direct Labor

This references the cost of labor that can be directly attributed to the manufacture or production of specific goods or services.

Cost Variance

The difference between the expected (budgeted) cost of an activity and the actual cost incurred, used in budgeting and financial reporting to monitor performance.

Standard Cost

A predetermined cost of manufacturing, projecting what each product should cost under normal conditions.

Actual Cost

Actual cost is the true amount of money spent on producing a product, completing a project, or conducting an activity, including all direct and indirect expenses.