In Addition to Determining a Person's Employment and Income Potential

question 45

Multiple Choice

In addition to determining a person's employment and income potential, education also affects participation in

• A) politics.
• B) family life.
• C) religious activities.
• D) cultural events.
• E) charitable organizations.

Recognize the importance of continuous innovation for maintaining competitive advantage.

Understand the use of social media and online communities in the idea generation phase of NPD.

Identify the stages of the new-product strategy development process and their objectives.

Knowledge of product-line extensions and their strategic role in brand expansion.

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Definitions:

Labour Efficiency Variance

The difference between the actual hours worked and the standard hours allowed for the work performed, multiplied by the standard labor rate.

Labour Rate Variance

A measurement of the difference between actual labor costs and what those costs should have been according to standard rates.

Quantity Standards

Quantity standards refer to the specified amount of materials, labor, and overhead that should be used for producing one unit of goods, serving as benchmarks for measuring efficiency.

Standard Costing

A cost accounting method that assigns expected costs to products, which are then compared with actual costs to measure performance.