__________ Refers to Data That Describes Other Data

question 4

Multiple Choice

__________ refers to data that describes other data.

• A) pseudodata
• B) microdata
• C) abstract data
• D) metadata

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Definitions:

Materials Price Variance

The difference between the actual cost of materials and the standard or expected cost, used to assess cost management efficiency.

Materials Quantity Variance

Materials Quantity Variance is the difference between the expected amount of materials to produce a given output and the actual amount of materials used, highlighting efficiency in material usage.

Variable Overhead

Expenses that vary with production volume, such as utility costs in a factory.

Standard Costs

Predetermined or estimated costs for a product or service, used for budgeting purposes and as a benchmark for measuring performance.