Which of the Following Is NOT Typically a Factor Used

question 91

Multiple Choice

Which of the following is NOT typically a factor used to determine retirement benefit levels of employees under a defined benefit retirement plan?

• A)Years of service
• B)Number of dependents
• C)Age
• D)Wages or salary level

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Definitions:

Material Quantity Variance

A financial measurement that calculates the difference between the expected amount of materials and the actual amount used, affecting production costs and efficiency.

Material Price Variance

The difference between the actual cost of materials used to produce a product and the standard or expected cost.

Direct Material Variances

The difference between the actual cost of direct materials used in production and the standard cost, indicating efficiency in using materials.

Favorable Variances

Variances that occur when actual costs are less than standard or budgeted costs, or actual revenues exceed expectations, benefiting the company's financial performance.