The Two Branches of the Study of Statistics Are Generally

question 48

Multiple Choice

The two branches of the study of statistics are generally referred to as __________.

• A)Descriptive and inferential statistics
• B)Inferential and differential statistics
• C)Descriptive and referential statistics
• D)Differential and descriptive statistics

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Definitions:

Labour Rate Variance

The difference between the actual cost of direct labor and the standard cost of direct labor multiplied by the actual hours worked.

Direct Labour

Rephrased: The workforce directly involved in manufacturing products or providing services, whose costs directly affect the cost of goods sold.

Variable Manuf. Overhead

Variable Manufacturing Overhead includes those manufacturing overhead costs that vary directly with the level of production, such as utilities for the production facility.

Actual Variable Manuf. Overhead

The actual amount incurred in variable overhead costs during manufacturing, contrasting with the budgeted or standard costs.