Universities Created Under the Morrill Act of 1862 Are

question 88

Multiple Choice

Universities created under the Morrill Act of 1862 are

• A)land-grant universities.
• B)state schools.
• C)governed by boards appointed by the governor.
• D)All of the above
• E)None of the above

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Definitions:

Variable Overhead Rate

This rate is used to apply the variable overhead costs to production activities, based on an activity base.

Direct Labor-Hours

The total hours worked by employees directly involved in the manufacturing process or providing a service, used as a basis for allocating labor costs.

Fixed Manufacturing Overhead

Costs related to the production process that do not vary with the volume of production, such as rent, depreciation, and salaries of permanent staff.

Variable Overhead Rate

The rate at which variable overhead costs are allocated to production, based on a predetermined base such as direct labor hours or machine hours.