Asked by Faith DeNoyer on Jun 25, 2024
Verified
Which of the following statements about time and material pricing is/are true?
i. The labour charge includes the direct cost of the employee's time.
ii. The labour charge includes a charge to cover various overhead costs.
iii. The labour charge includes a handling charge for material.
A) i
B) i and ii
C) i and iii
D) All of the given answers
Time And Material Pricing
A pricing method that charges the customer based on the actual time spent and materials used on a project.
Labour Charge
The amount paid for the work performed by employees or workers, typically based on hours worked or tasks completed.
Overhead Costs
Expenses related to the day-to-day running of a business that cannot be directly linked to a specific product or service.
- Comprehend the fundamental concepts behind pricing models and strategies.
- Differentiate among various cost frameworks and their impact on pricing tactics.
Verified Answer
Learning Objectives
- Comprehend the fundamental concepts behind pricing models and strategies.
- Differentiate among various cost frameworks and their impact on pricing tactics.
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