For Most Students,the Earnings They Give Up to Attend College

question 120

Multiple Choice

For most students,the earnings they give up to attend college are

• A)a minor cost when compared to the costs of tuition,room and board,and the like.
• B)the single largest cost of their education.
• C)about equal to the costs of room and board at college.
• D)not considered true costs by an economist.

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Definitions:

Markup

An additional amount included in the cost price of products to account for overheads and gain, thereby establishing the price at which they are sold.

Machine-Hours

The total number of hours machines are operated during the production process.

Job-Order Costing

An accounting methodology used to track costs and evaluate production expenses for specific jobs or batches of goods.

Direct Labor-Hours

The aggregate of hours spent by staff members who are directly engaged in producing merchandise or rendering a service.