A Line That Indicates Both Magnitude and Direction Is a _____

question 3

Multiple Choice

A line that indicates both magnitude and direction is a _____.

• A) linear
• B) vector
• C) scalar
• D) exponential

Understand the relationship between labor efficiency variance and variable overhead efficiency variance.

Calculate material and labor variances based on standard costing.

Understand the basics of standard costing system including its components and calculations.

Calculate and analyze direct material price variances.

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Definitions:

Medicare Taxes

Taxes that fund Medicare, a federal health insurance program, deducted from the paychecks of employees and also paid by employers.

Wages

Wages refer to the monetary compensation paid by an employer to an employee in exchange for work performed.

Withholding Allowances

A number that employees claim on their W-4 form that reduces the amount of federal income tax withheld from their wages, based on their personal circumstances.

Form 4070

Form 4070 is a tax form used by employees to report tips to their employer, which are then subject to social security and Medicare taxes.