A Statistic Is a

question 12

Multiple Choice

A statistic is a

• A)number used to measure or characterize a situation.
• B)sad or an ironic example of how people often fall victim to traditions.
• C)precise measure of the damage caused by a problem.
• D)term used by the government to describe the incidence of a problem.
• E)all of the above

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Definitions:

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the standard quantity expected, multiplied by the standard cost per unit of material.

Standard Material

The predetermined quantity and cost of materials expected to be used in producing a unit of product, used as a benchmark for cost control.

Materials Price Variance

The difference between the actual cost of materials and the expected (standard) cost of materials used in production.

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the expected quantity, which can affect costs.