The Match an Organization Makes Between Its Internal Resources and Skills

question 5

Multiple Choice

The match an organization makes between its internal resources and skills and the opportunities and risks created by its external factors can be defined as:

• A) Input
• B) Concept formulation
• C) Strategy
• D) SWOT
• E) An opportunity

Calculate and analyze overapplied or underapplied overhead and its effect on cost of goods sold and net income.

Interpret job cost sheets and understand the accumulation of direct materials, direct labor, and applied overhead.

Analyze variances between actual and estimated costs and their implications.

Understand the flow of costs in manufacturing accounts and how they affect financial statements.

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Definitions:

Consumer Behavior

The study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences.

Assumptions

Pre-established beliefs or statements taken as true without proof, used as foundational elements in theories, models, and analyses to simplify complex realities.

Indifference Map

A graphical representation of different combinations of goods between which a consumer is indifferent, showing levels of utility.

Budget Line

A budget line represents the combinations of two goods that a consumer can purchase with a specific budget, given the prices of those goods.