China's "Great Leap Forward

question 22

Multiple Choice

China's "Great Leap Forward"

• A)was responsible for China becoming the economic world power it is today
• B)took place in the late 1980s.
• C)led to a major famine as the government melted down peasants' farm tools.
• D)occurred in tandem with the "Cultural Revolution."
• E)occurred against the wishes of Mao Zedong.

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Definitions:

Work In Process

A stage in the manufacturing process where items are partially completed but not yet ready to be sold.

Cost Of Goods Sold

The direct costs attributable to the production of goods sold by a company, including both materials and labor costs.

Inventory

A company's stock of the goods available for sale to customers, as well as raw materials and work-in-progress that will be sold or finished in the future.

Fixed Overhead Volume Variance

The difference between the budgeted and actual fixed overhead costs attributable to a change in the volume of production or procurement.