In the Context of Political Economy, One Notable Development of the Past

question 49

Multiple Choice

In the context of political economy, one notable development of the past 20 years has been the spread of:

• A)centrally planned economies.
• B)mixed economies.
• C)totalitarian governments.
• D)democracy.
• E)communism.

Analyze and compute direct labor variances, including rate and efficiency variances.

Identify and calculate variable manufacturing overhead variances, including rate and efficiency variances.

Determine the total standard cost per unit for a product.

Calculate the standard hours allowed for actual output.

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Definitions:

Gross Earnings

The total amount of money earned by an individual or business before any deductions or taxes are applied.

Net Pay

The amount of money that an employee takes home after all deductions, such as taxes and retirement contributions, have been subtracted from the gross salary.

FICA Tax

A U.S. federal tax that funds Social Security and Medicare, deducted from employees' paychecks and matched by employers.

Federal Income Tax

The tax levied by the IRS on the annual earnings of individuals, corporations, trusts, and other legal entities.