Components of a Consumer's Income Include __________

question 33

Multiple Choice

Components of a consumer's income include __________.

• A)inflation,recession,and depression
• B)salary,taxes,and assets
• C)gross,disposable,and discretionary income
• D)sales taxes,income taxes,and property taxes
• E)assets,liabilities,and equities

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Definitions:

Raw Materials

The basic materials from which a product is made, prior to any processing or manufacturing.

Price Variance

The difference between the actual price paid for something and its standard or expected price.

Labor Efficiency Variance

The difference between the actual hours worked and the standard hours allowed for the work done, multiplied by the standard labor rate.

Direct Labor-Hours

The total hours worked by employees directly involved in the manufacturing of a product.