Which of the Following Is NOT an Economic Need

question 6

Multiple Choice

Which of the following is NOT an economic need?

• A) Dependability in use
• B) Hunger
• C) Economy of use
• D) Convenience
• E) Efficiency in use

Grasp the concept that standard costs should be revised in response to labor rate changes or new union contracts.

Identify standards as performance goals for evaluating and controlling operations.

Define variance and understand its role in cost control and performance evaluation.

Recognize the significance of financial reporting systems guided by the principle of exceptions.

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Definitions:

Forward Scheduling

A planning approach that starts scheduling activities or operations from the earliest possible date and moves forward in time to establish due dates or delivery dates.

End Items

Final products that are completed and ready to be sold or delivered to customers.

Requirements Known

Pertains to a condition where the specifications, needs, or conditions for a project or product are clearly identified and documented.

Capacity Planning

The method of calculating the manufacturing capability required by a company to adapt to fluctuating needs for its goods.