What Is the Term for the Physical and Intellectual Contributions

question 56

Multiple Choice

What is the term for the physical and intellectual contributions of people while engaged in the production of goods and services?

• A) Human resources
• B) Working capital
• C) Physical resources
• D) Planned resources
• E) Market resources

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Definitions:

Direct Materials Purchases Variance

the difference between the actual cost of direct materials purchased and the expected (or standard) cost, indicating how effectively a company is managing its resources.

Standard Labor-Hours

A pre-determined measure of the amount of labor time expected to complete a single unit of production or perform a task, often used in cost accounting.

Standard Amount

A benchmark or norm for measuring performance, often used in budgeting and accounting to set expected costs or outputs.

Variable Manufacturing Overhead

Refers to the production costs that change in proportion to the amount of production output, excluding direct materials and direct labor costs.