If $3,000 Is Put in a Savings Account Today, What

question 10

Multiple Choice

If $3,000 is put in a savings account today, what amount will be available three years from today?

• A)$3,000 ÷ 1.260
• B)$3,000 × 1.260
• C)$3,000 × 1.080 × 3
• D)($3,000 × 1.080) + ($3,000 × 1.166) + ($3,000 × 1.260)

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Definitions:

Materials Price Variance

The difference between the actual cost and the standard cost of materials used in production, multiplied by the quantity of materials used.

Standard Price

A pre-determined cost assigned to goods and services, used as a benchmark in budgeting and variance analysis.

Pounds

A unit of weight commonly used in the British imperial and United States customary measurement systems.

Direct Materials Price Variance

The difference between the actual cost of direct materials used in production and the expected (or standard) cost of those materials.