Which of the Following Is a Core Fair Information Practices

question 38

Multiple Choice

Which of the following is a core Fair Information Practices (FIP) principle?

• A) Choice/Consent
• B) Access/Participation
• C) Security
• D) Enforcement

Understand the significance and process of revising standard costs.

Recognize the motivational implications of standard costs for employee performance.

Understand how financial reporting systems use the principle of exceptions to focus on variances.

Learn about variance analysis, including how to calculate and interpret different variances.

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Definitions:

Variable Cost

Expenses that change in proportion to the amount of goods or services produced, like labor and materials.

Diseconomies of Scale

occur when a company or production process becomes less efficient as it scales up, leading to increased average costs per unit.

Minimum Efficient Scale

The smallest level of production at which a firm can achieve the lowest long-term average cost, allowing it to be competitively viable.

3-D Printers

3-D printers are machines that create three-dimensional objects by adding material layer by layer, based on digital models.