The Externality Associated with Technology Spillovers

question 527

Multiple Choice

The externality associated with technology spillovers

• A)cannot be internalized by government.
• B)is a negative externality.
• C)can be internalized, potentially, through taxation of firms that are responsible for technology spillovers.
• D)can be internalized, potentially, through patent protection.

Identify the types of businesses or products that typically use job order costing.

Grasp the concept of customized products and the implication on production systems.

Calculate the total job cost using direct materials, direct labor, and applied overhead.

Understand the composition and purpose of a job cost sheet.

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Definitions:

Wages

Compensation for labor or services paid by an employer to an employee.

Failure to Pay

A situation where an individual or corporation does not meet the due date for payment of taxes owed, potentially resulting in penalties.

Automatic Extension

An allowance by the IRS that gives taxpayers an additional period to file their tax returns without penalty.

Tax Return

A document filed with a tax authority that reports income, expenses, and other relevant financial information, used to calculate tax liability.