What Are Foreign-Produced Goods and Services That Are Sold Domestically

question 26

Multiple Choice

What are foreign-produced goods and services that are sold domestically called?

• A) imports
• B) exports
• C) net imports
• D) net exports

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Definitions:

Materials Quantity Variance

The deviation found by multiplying the standard cost per unit with the difference in the actual and expected standard volumes of materials used in the production process.

Materials Price Variance

A financial measure used to determine the variation in the cost of raw materials against the pre-defined standard cost.

Raw Materials Inventory

The stock of basic materials that are to be used in production but have not yet been processed.

Cash Account

An account recording the transactions involving cash inflows and outflows.