An Ultimate Consumer Is Considered Someone Who

question 174

Multiple Choice

An ultimate consumer is considered someone who:

• A)uses the goods or services purchased for the household
• B)uses the goods or services purchased for an organization
• C)who resells the goods purchased to new consumers
• D)who returns the goods purchased to a local goodwill thrift store

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Definitions:

Cost Variance

The difference between the actual cost incurred and the expected cost, based on standard costing or budgeted amounts.

Standard Cost

A predetermined cost of manufacturing a single unit or a number of units of a product, which is used for budgetary and cost control purposes.

Favorable Variance

Occurs when actual performance is better than expected, leading to lower costs or higher revenues than planned.

Budgeted Revenue

The projected income that a business or organization expects to generate within a specific period, often used for planning and performance evaluation.