Which Statement Is True About the Relationship Between Education and Poverty

question 62

Multiple Choice

Which statement is true about the relationship between education and poverty?

• A)The higher the person's level of education, the less likely the person is to be poor.
• B)Because of the cost of higher education, those with advanced degrees are more likely to be poor.
• C)There is no consistent relationship between education and poverty.
• D)Almost all jobs now require a degree.

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Definitions:

Standard Labor Rate

A predetermined cost per labor hour, used in budgeting and cost control for planning and evaluating labor expenses.

Actual Hours Incurred

The real number of hours worked or used in the completion of a task or production of a good, as opposed to the estimated hours.

Materials Price Variance

The difference between the actual cost of materials and the expected (standard) cost multiplied by the quantity of materials used.

Standard Costing System

A cost accounting system that uses standard costs for product costs and measures variances to actual costs for performance evaluation.