Budgeted Costs Are

question 244

Multiple Choice

Budgeted costs are:

• A)the costs incurred this year.
• B)competitor's costs.
• C)the costs incurred last year.
• D)planned or forecasted costs.

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Definitions:

Standard Labor Cost

The predetermined cost of labor expected under normal conditions, used for setting budgets and evaluating performance.

Payroll Taxes

Mandatory taxes withheld from an employee's earnings by an employer, which are then paid to government agencies.

Direct Labor Rate

The hourly wage paid to workers who are directly involved in the production of goods or services.

Standard Cost

A predetermined cost of manufacturing, selling, or any other operation under normal conditions.