Today, More Than One-Half of All Businesses Are Service Organizations

question 57

True/False

Today, more than one-half of all businesses are service organizations and one-third of the U.S. workforce is employed in services.

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Definitions:

Variable Manufacturing Overhead

Variable manufacturing overhead includes all manufacturing costs that vary with the level of production, such as utilities or materials needed in the production process.

Standard Hours Allowed

The time allocated for a task based on predetermined standards.

Actual Direct Labour Hours

The real number of labor hours worked by employees directly involved in the production process, typically recorded after the work has been completed.