An Entity Created by Two or More Firms Pooling a Portion

question 51

Multiple Choice

An entity created by two or more firms pooling a portion of their resources to create a separate, jointly-owned organization is called a ________.

• A) trade association
• B) network
• C) joint venture
• D) consortia
• E) strategic alliance

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Definitions:

Actual Hourly Rate

The real wage rate paid for an hour of labor, often compared against budgeted or standard rates for cost analysis.

Standard Hourly Rate

A predetermined amount paid or charged per hour, often used to calculate labor costs in manufacturing or services.

Labor Efficiency Variance

The difference between the actual hours taken to complete a task and the standard hours allowed for the actual output, multiplied by the standard hourly labor rate.

Labor Time

The duration of time workers spend in the process of producing goods or providing services.