Complete the Following Using the Terms Listed

question 119

Multiple Choice

Complete the following using the terms listed.
-_____ refers to the responsibility of manufacturers for injuries and damages caused by their goods.

• A)Securities and Exchange Commission (SEC)
• B)Occupational Safety and Health Administration (OSHA)
• C)False Claims Act
• D)social audit
• E)social responsibility
• F)business ethics
• G)sexual harassment
• H)code of conduct
• I)Product liability
• J)postconventional stage
• K)Regulation FD
• L)Whistle-blowing
• M)green marketing

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Definitions:

Labor Price Variance

The difference between the actual cost of direct labor and the standard cost, typically associated with the rate paid for labor.

Labor Quantity Variance

The difference between the actual hours worked and the standard hours expected, multiplied by the standard hourly wage rate.

Standard Costing System

A cost accounting system that assigns predetermined costs to products and services, used to plan budgets and assess performance by comparing actual costs against these standards.

Total Price Variance

The difference between the actual cost of a good or service and its expected cost based on standard pricing.