Select the Correct Response to Fill in the Blank

question 9

Multiple Choice

Select the correct response to fill in the blank. 'The structure of Australia's "new workforce" has had a significant effect on the way that managers must manage their workers, because when _____________ becomes the most important resource, people become more valuable, since production and potential profits reside within people.'

• A) machinery
• B) factories
• C) land
• D) knowledge
• E) capital

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Definitions:

Supplies

Items or materials used in the operation of a business and often classified as a type of inventory on the balance sheet.

Variable Manufacturing Overhead

Costs in the manufacturing process that vary with the level of production output, such as utilities or indirect materials, but do not directly correlate to specific units of production.

Variable Overhead Rate Variance

The difference between the actual variable overhead incurred and the standard cost allocated, based on the actual activity level.

Variable Overhead Standards

The predetermined costs associated with variable overheads that are expected to be incurred under normal operating conditions.