The Principle Advantage of Free-Response or Open-Ended Questions Is That

question 29

Multiple Choice

The principle advantage of free-response or open-ended questions is that they

• A)are easier to score and code.
• B)provide greater comparability of answers across respondents.
• C)minimize the problem of expressiveness and spontaneity.
• D)offer the respondent greater flexibility.

Estimate interest by rounding the principal to the nearest hundred dollars and using shortcuts for interest calculation.

Determine the principal amount or rate given other loan terms.

Understand and differentiate between exact simple interest and ordinary simple interest.

Calculate the length of the loan period given the interest rate, principal, and total interest.

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Definitions:

Mixed Cost

Expenses that contain both fixed and variable components and change in total with the level of activity but not proportionately.

Certified Operators

Individuals who have received official recognition or certification to operate machinery or equipment according to set standards and regulations.

Fixed Cost

Financial obligations that are static and do not vary with production levels or sales numbers, such as rent, salary payments, and insurance fees.

Activity Level

A measure of the volume of production or operations, often used in cost accounting to allocate variable and fixed costs appropriately.