Inches Are an Example of ______ Because There Is a Meaningful

question 36

Multiple Choice

Inches are an example of ______ because there is a meaningful zero point and intervals and ratio differences are consistent.

• A) categorical
• B) ordinal
• C) interval-level
• D) ratio-level

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Definitions:

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the standard quantity allowed for the actual output, multiplied by the standard price per unit of materials.

Standard Quantity

The predetermined or budgeted amount of materials expected to be used in the production of a product, based on efficiency and productivity standards.

Variable Overhead Efficiency Variance

The difference between the actual hours taken to produce a good and the standard hours expected, multiplied by the variable overhead rate.

Excessive Inventories

A situation where a company holds more stock items than necessary, leading to increased storage costs and potential wastage.