The Part of the Formal Business Plan in Which You

question 42

Multiple Choice

The part of the formal business plan in which you discuss the industry,business structure,products and services,and how you plan to make your business a success is called the ______.

• A)market plan
• B)business concept
• C)business brief
• D)financial statement

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Definitions:

Materials Usage Variance

The difference between the standard quantity of materials expected to be used in production and the actual quantity used, valued at the standard cost for the materials.

Standard Cost

A predetermined cost of manufacturing a single unit or a number of product units during a specific period under current or anticipated conditions.

Standard Hours

The set number of hours that is expected to be used to complete a certain task or job in a manufacturing or project setting.

Actual Hours

The real number of hours worked or spent on a specific task or project, as opposed to planned or estimated hours.