If Sarah Continues to Use Her Current Cell Phone Instead

question 2

Multiple Choice

If Sarah continues to use her current cell phone instead of buying a new version,how could her decision affect mineral mining and processing?

• A)Using her current phone lessens the need for more rare earth elements and reduces the pollution caused by mining and processing.
• B)The effects of mineral mining and processing would increase to put out a newer version,since companies want Sarah and other cosumers to purchase a new phone.
• C)There would be no effect on mining and processing of minerals,since consumers cannot make a difference.

Understand the concept of liability and how it applies to insurance.

Describe self-insurance and other risk management strategies.

Analyze the role and operation of insurance companies within the risk management sector.

Grasp the process and importance of creating a personal insurance program.

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Definitions:

Variable Overhead Rate Variance

represents the difference between the actual variable overhead incurred and the standard variable overhead allocated for the actual production achieved.

Manufacturing Overhead

The total of all the indirect costs involved in manufacturing a product, which can include expenses related to equipment maintenance, factory rent, and utilities.

Standard Cost System

An accounting method where costs are predetermined for products and services, facilitating the analysis of variances between expected and actual costs.

Supplies Cost

The expenses associated with purchasing materials and supplies used in the operation of a business, not directly tied to production.