Observational Data Refer to

question 26

Multiple Choice

Observational data refer to

• A)facts and figures newly collected for the project at hand.
• B)facts and figures obtained by asking people questions either through personal interviews,panel discussions,or questionnaires.
• C)facts and figures obtained by watching,either mechanically or in person,how people actually behave.
• D)facts and figures that have already been recorded from multiple sources prior to the project.
• E)conclusions developed from information obtained from a representative sample of a population.

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Definitions:

Composite Units

A measure used in accounting to bundle goods or services together for the purposes of inventory management, costing, or sales analysis.

Fixed Costs

Costs that remain constant regardless of a business's operational levels, like lease payments, wages, and coverage fees.

Break-Even Point

The point at which total costs and total sales are equal, resulting in no net loss or gain for the business.

Contribution Margin

The gap between income from sales and variable expenses, which is utilized to pay for fixed expenses and produce earnings.