The Assessed Value of a Home Is

question 15

Multiple Choice

The assessed value of a home is

• A) the value that the jurisdiction uses to assign taxes.
• B) an annual 6% increase in the value of a home.
• C) the annual rate of deprecation of a home because of use.
• D) always lower than its market value.

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Definitions:

Standard Costs

Predetermined costs for materials, labor, and overhead that are used for budgeting and cost control purposes.

Raw Materials

The unprocessed natural materials or substances used in the initial stages of production or manufacturing.

Cost System

A method used to allocate costs to products, services, projects, or departments to facilitate financial analysis, budgeting, and managerial decision-making.

Gallons

A unit of volume measurement used primarily for liquids, commonly used in the United States.