A Student Scores in the 80th Percentile on an Exam

question 1

Multiple Choice

A student scores in the 80th percentile on an exam.What does this mean in comparison to all other students?

• A)the student scored higher than 80% of all others who took the exam
• B)the student scored worse than 80% of all others who took the exam
• C)Of all those who took the exam,only 80% of them completed it
• D)the student would score the same grade on the exam 80% of the time

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Definitions:

Conversion Costs

The total expenses of direct labor and manufacturing overhead that are necessary to transform raw materials into completed goods.

Equivalent Units

A concept used in cost accounting to express the amount of materials, labor, and overhead a company has applied to produce partially completed goods in terms of fully completed units.

Work In Process

Inventory that includes materials that have been partially processed but are not yet completed products.

Conversion Costs

The costs necessary to convert raw materials into finished products, usually consisting of labor and overhead expenses.