Labor Costs Are to Value Added as Pay Roll Costs

question 8

Multiple Choice

Labor costs are to value added as pay roll costs are to:

• A) total standard value hours
• B) production costs minus scrap
• C) SVOP
• D) customer satisfaction

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Definitions:

Product Management

The organizational function responsible for the strategy, roadmap, and feature definition of a product or product line throughout its lifecycle.

Inseparability

A characteristic of services indicating that they are produced and consumed simultaneously, and cannot be separated from their providers.

Intangibility

A characteristic of services that means they cannot be seen, touched, tasted, or easily quantified before they are purchased.

Perishable Nature

A characteristic of goods that have a limited lifespan and deteriorate or lose value over time, such as food products or live plants.