A(n) _________ Is Usually Defined as an Association of Two

question 14

Short Answer

A(n) _________ is usually defined as an association of two or more people carrying on as co-owners of a business for profit.

---

Definitions:

Direct Labour

The work done by employees directly involved in producing a product or delivering a service, often considered a variable cost.

Direct Materials

Direct materials are the raw materials that are directly traceable and allocable to a finished product in the manufacturing process, directly impacting the cost of goods sold.

Production Costs

The total expense incurred in the manufacture of a product, including labor, materials, and overhead.

Gross Profit

The difference between sales revenue and the cost of goods sold, before deducting overhead, payroll, taxation, and interest payments.