Examlex
Which of the following are the words most commonly used by economists?
Volume Variance
A measure used in budgeting and accounting to show the difference between expected (budgeted) and actual sales volumes, affecting revenue or costs.
Direct Labor Time Variance
The difference between the estimated time to complete a task and the actual time taken, affecting cost management in manufacturing.
Direct Labor Rate Variance
The difference between the actual cost of direct labor and the expected (or standard) cost, calculated for a specific period.
Total Cost Variance
This refers to the difference between the budgeted or standard cost of production and the actual cost incurred.
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