By Utilizing Business Analytics,a Company Can Learn Which One of the Following

question 40

Multiple Choice

By utilizing business analytics,a company can learn which one of the following?

• A) Which products are moving slowly versus which products are moving quickly
• B) Which products have been sold in the past 3 months
• C) Who is buying the product and what price they're willing to pay
• D) Where each product sits (warehouse, store or factory location)
• E) The suppliers who contributed to the manufacturing of the product

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Definitions:

Direct Labor Variance

The discrepancy between the expected (budgeted) cost of direct labor and the actual cost incurred during a production period.

Direct Labor Time Variance

The difference between the estimated time to produce a good and the actual time taken, often used in cost accounting.

Actual Costs

Actual costs are the expenses that a company incurs for producing goods or services, including materials, labor, and overhead, as opposed to estimated or budgeted costs.

Standard Costs

The predetermined costs of manufacturing a product or providing a service, used as benchmarks against actual costs.