_____Is the Process of Setting Objectives and Devising Courses of Action

question 31

Multiple Choice

_____is the process of setting objectives and devising courses of action to achieve those objectives.

• A) Controlling
• B) Planning
• C) Organizing
• D) Leading

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Definitions:

Direct Labor-hours

The total number of work hours directly spent on manufacturing a product.

Materials Price Variance

The difference between the actual cost of materials purchased and the expected cost based on the standard price.

Materials Quantity Variance

The variance between the actual and projected amounts of materials consumed in manufacturing, multiplied by the unit's standard cost.

Standard Cost

An estimated or pre-determined cost of manufacturing a product, which is used for budgeting and performance evaluation.