Standard Costs Are Based on Estimates of Cost of Materials

question 71

Multiple Choice

Standard costs are based on estimates of cost of materials, labour and overheads. Standard costs are also known as

• A) actual costs.
• B) forecasted costs.
• C) expected costs.
• D) budgeted costs.

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Definitions:

Digitalis

A family of drugs derived from the foxglove plant, used to treat heart conditions by increasing the efficiency of the heart and its rate.

Pulse Rate

The number of heartbeats per minute, which is a vital sign indicating overall heart health and fitness levels.

Apical

Pertaining to the tip or summit of a structure, such as the apex of the heart.

Vital Signs

The critical measurement of the body's most basic functions, including temperature, pulse, respiration rate, and blood pressure.