Data Collection Should Be for a Purpose and to Answer

question 7

Multiple Choice

Data collection should be for a purpose and to answer a question.Identify the question below that would NOT generate dat a.

• A)How much change do you have in your pocket?
• B)How much loose change does a person typically carry in their pocket?
• C)How do people choose gum?
• D)How long does a piece of gum keep its flavor?

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Definitions:

Actual Price Per Pound

The real cost of a commodity or material expressed on a per pound basis.

Standard Price Per Pound

A predetermined cost set for a pound of material, used in budgeting and costing to assess efficiency and variances in purchasing or production.

Total Direct Materials Cost Variance

The difference between the actual cost of direct materials used in production and the expected (or standard) cost.

Total Variable Overhead Variance

The difference between the actual variable overhead costs incurred and the expected (or budgeted) variable overhead costs.