Match Each Definition with the Appropriate Term

question 46

Multiple Choice

Match each definition with the appropriate term.
-the tendency to look for or pay attention only to information that supports one's own belief

• A)hindsight bias
• B)confirmation bias
• C)heuristic
• D)mental set
• E)algorithm

---

Definitions:

Finished Goods Inventory

The inventory of finished goods available for sale but still awaiting purchase by consumers.

Direct Labor Hours

The collective amount of time spent by employees actively engaged in the production process.

Unit Product Cost

The total cost associated with creating one unit of product, including direct labor, direct materials, and allocated overhead.

Raw Materials Cost

The total expense incurred for materials that are used in the manufacturing process to produce goods.