A "Write Our New Slogan" Event That Awards a Prize

question 7

Multiple Choice

A "write our new slogan" event that awards a prize to the winner is a(n) :

• A)contest.
• B)sweepstakes.
• C)premium.
• D)illegal activity.

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Definitions:

Direct Labor Time Variance

The difference between the actual labor time spent on a product and the standard labor time expected, affecting product costs.

Standard Costs

Predetermined or estimated costs that are used as benchmarks for measuring the performance of actual costs in manufacturing or production.

Actual Costs

Actual costs are the real or true costs incurred for materials, labor, and overhead in the production of goods or provision of services, as opposed to estimated or standard costs.

Direct Labor Rate Variance

The difference between the actual cost of direct labor and the expected (or standard) cost, used to analyze labor cost efficiencies or inefficiencies during production.