Standard Costs Are Divided into Which of the Following Components

question 104

Multiple Choice

Standard costs are divided into which of the following components?

• A) Variance Standard and Quantity Standard
• B) Materials Standard and Labor Standard
• C) Quality Standard and Quantity Standard
• D) Price Standard and Quantity Standard

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Definitions:

U.S. Poverty Line

A measure used by the federal government to define the threshold below which individuals or families are considered to be living in poverty, based on income.

Western Capitalism

A socio-economic system characterized by private or corporate ownership of capital goods, investments determined by private decision, and prices, production, and the distribution of goods determined primarily by competition in a free market.

Natural Resources

Materials and components found in nature that can be used for economic gain or necessary for life, such as water, timber, and minerals.

Powerful Nations

Countries that possess significant political, economic, and military influence on a global scale.