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Match the Following Terms with the Definitions Below

Question 102

Matching

Match the following terms with the definitions below.

Premises:
Total sales less total variable costs at a given level of activity.
All cost other than direct materials and direct labor that are incurred in the manufacture of products.
The cost of materials that are directly traceable to the product and that are costly enough to warrant tracing them.
A cost that varies with the number of units.
The contribution margin per unit divided by the selling price per unit.
A cost that is related to selling the products and services or administering the company.
A cost or revenue that will occur in the future and that differs among the alternatives considered.
The difference between the incremental revenues and incremental cost of a particular alternative.
The cost of production employees who do not physically manufacture the product.
A benefit forgone when choosing one alternative over another.
Responses:
Manufacturing overhead
Unit related cost
Incremental profit
Direct material
Contribution margin ratio
Nonproduct cost
Opportunity cost
Indirect labor
Relevant variable
Contribution margin

Correct Answer:

Total sales less total variable costs at a given level of activity.
All cost other than direct materials and direct labor that are incurred in the manufacture of products.
The cost of materials that are directly traceable to the product and that are costly enough to warrant tracing them.
A cost that varies with the number of units.
The contribution margin per unit divided by the selling price per unit.
A cost that is related to selling the products and services or administering the company.
A cost or revenue that will occur in the future and that differs among the alternatives considered.
The difference between the incremental revenues and incremental cost of a particular alternative.
The cost of production employees who do not physically manufacture the product.
A benefit forgone when choosing one alternative over another.
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