The Amount Added to a Product's Cost to Meet Profit

question 362

Multiple Choice

The amount added to a product's cost to meet profit targets is usually expressed as a percentage of ________.

• A) sales price
• B) total costs
• C) wholesale price
• D) selling costs

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Definitions:

Activity Variance

The difference between planned activity levels or costs and actual activity levels or costs.

Other Expenses

Expenses not directly tied to the production of goods or services, such as administrative and selling expenses.

Budgeting

The practice of formulating a budget to dictate how you’ll use your money, identifying prospective financial aims and the approaches to attain them.

Activity Variance

The gap between planned activity levels and actual outcomes in any sphere of operations, reflecting operational efficiency and planning accuracy.