If We Were to Ask College Students, "To What Extent

question 63

Multiple Choice

If we were to ask college students, "To what extent do you value a college degree?" which type of sample plan would be most appropriate?

• A) any probability sampling plan would be useful
• B) a stratified sample because we would expect the answers to vary by strata: freshmen, sophomore, junior, and senior
• C) a cluster sample because we would expect the answers to vary by cluster: freshmen, sophomore, junior, and senior
• D) an area sample because we would expect the answers to vary by area: freshmen, sophomore, junior, and senior
• E) an area sample because we would expect the answers to vary by area: freshmen, sophomore, junior, and senior, with seniors more heavily sampled

Recognize how direct materials, direct labor, and factory overhead costs are treated in a process costing system.

Know how process costing accumulates costs by processing department rather than by job.

Understand the role and calculation of conversion costs within process costing.

Become familiar with the cost of production report and its components.

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Definitions:

Shortage

The occurrence of demand for a certain product or service outpacing the supply in the marketplace.

Surplus

The amount of an asset or resource that exceeds the portion that is actively utilized; in economic context, it often refers to excess production or budgetary surplus.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or commodity, often to protect consumers.

Price Floor

A government or regulatory-imposed minimum price set for a particular good or service, below which it cannot be sold, often to protect producers or encourage production.