The Standardization and Grading Function of Marketing Involves

question 207

Multiple Choice

The standardization and grading function of marketing involves

• A)looking for and evaluating goods and services.
• B)providing necessary cash and credit.
• C)promoting the product.
• D)sorting products according to size and quality.
• E)None of these answers is correct.

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Definitions:

Overhead Rate

A measure used to allocate overhead costs to products or services, often calculated by dividing total overheads by a base measure such as labor hours or machine hours.

Estimated Labor-Hours

The projected number of labor hours required to complete a batch of goods or provide a service.

Predetermined Overhead Rate

A rate used to allocate estimated overhead costs to products or job orders, based on a planned level of activity or driver.

Unused Capacity

Resources available for use that are not being employed in production, often representing inefficiency.