Data Is Useful for Understanding Individual Sales,but to Gain Deeper

question 143

Multiple Choice

Data is useful for understanding individual sales,but to gain deeper insight into a business data needs to be turned into information.Which of the following offers an example of turning data into information?

• A) Who are my best customers?
• B) What is my best-selling product?
• C) What is my worst-selling product?
• D) All of these choices

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Definitions:

Direct Materials

Costs of raw materials that are directly used in the production of a product, easily traceable to the product being manufactured.

Direct Labor

The labor costs directly associated with the production of goods or services, including wages of workers directly involved in production.

Manufacturing Overhead

All manufacturing costs that are not directly related to the production of a product, including indirect materials, labor, and other expenses.

Insurance

A contractual agreement where one party, the insurer, agrees to compensate another, the insured, for loss on a specified subject by specified perils in return for a premium.