Though Primary Data Can Be Especially Valuable to an Individual

question 167

Multiple Choice

though primary data can be especially valuable to an individual firm,it often plays "second fiddle" to secondary data because

• A) secondary data is much more up-to-date and tailored to a specific firm or industry.
• B) secondary data, although far more expensive, is also much more reliable.
• C) primary data is usually more costly and time consuming to collect.
• D) primary data can be accessed by virtually anyone so the information generated loses much of its value.
• E) primary data is less fact and figure based; it is more subjective and therefore more vulnerable to misinterpretation.

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Definitions:

Conversion Costs

The combination of labor costs and overhead expenses associated with the conversion of raw materials into finished products.

Materials Costs

The cost of raw materials and supplies used in the production of goods or in the provision of services.

Goods Transferred

Goods transferred refers to the movement of inventory from one location to another, or the process of turning over goods from a seller to a buyer.

Conversion Costs

The combined cost of direct labor and manufacturing overhead, reflecting the expenses to convert raw materials into finished products.