Approximately How Much of Aggregate National Income in the United

question 273

Multiple Choice

Approximately how much of aggregate national income in the United States is spent on health care today?

• A) 3 percent
• B) 45 percent
• C) 17 percent
• D) 34 percent

---

Definitions:

Variance Accounts

Accounts used in managerial accounting to record the differences between actual costs and standard (budgeted) costs.

Direct Material Price Variance

The difference between the actual cost of direct materials and the standard cost multiplied by the actual quantity used.

Costs Of Goods Sold

Direct costs attributable to the production of goods sold by a company, including materials and labor, but excluding indirect expenses such as sales and distribution costs.

Standard Costs

Benchmark costs established for the purpose of assessing financial performance and identifying variances in production or operations.