Over the Course of a Lifetime, a High School Dropout

question 15

Multiple Choice

Over the course of a lifetime, a high school dropout in the United States earns $260,000 less than a high school graduate and _________________ less than a college graduate.

• A)1 million dollars
• B)$400,000
• C)$500,000
• D)$750,000
• E)$900,000

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Definitions:

Variable Cost

Costs that vary directly with the level of production or service activity.

Contribution Margin

The difference between the sales revenue of a product and its variable costs.

Machine Time

The scheduled or actual time that a machine is set to operate or is operating, usually relating to production processes.

Total Cost Concept

An approach in accounting that considers all costs related to the production of a product, including direct, indirect, fixed, and variable costs.