Match the Term with Its Definition

question 70

Essay

Match the term with its definition.Some terms may not be used.
a.All-risk approach
b.Business risk
c.Compensatory damages
d.Disability insurance
e.Economic damages
f.Health maintenance organization
g.Market risk
h.Named-peril approach
i.Peril
j.Preferred provider organization
k.Pure risk
-A managed-care network providing health insurance that is more expensive but offers a broader choice of medical providers

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Definitions:

Standard Cost Accounting System

A cost accounting system that assigns preset costs to products or services, used for budgeting and controlling expenses.

Ideal Standards

Benchmark levels of performance set under perfect operating conditions, used for budgeting and measuring efficiency.

Materials Price Variance

The difference between the actual cost of materials and the standard or expected cost.

Standard Costs

Predetermined costing used in budgeting and decision-making, representing an expected cost under normal conditions.