Which of the Following Phrases Correctly Describes at Least One

question 3

Multiple Choice

Which of the following phrases correctly describes at least one of the factors of production?

• A)Natural resources,such as minerals,timber,and water,as well as land itself
• B)The physical and intellectual services of technological advances
• C)Buildings and warehouses,but not factories
• D)Inventories
• E)Automobiles

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Definitions:

Produced

Refers to the quantity of goods or services created by a company during a specific time period.

Predetermined Overhead Rate

A rate calculated before a period begins, used to apply manufacturing overhead costs to products based on a specified activity base.

Variable Overhead

Costs that fluctuate with the level of production or service delivery, such as utilities or raw materials.

Total Overhead Variance

The difference between the actual overhead incurred and the standard overhead allocated for the actual production achieved.