Inductive Generalization Is

question 54

Multiple Choice

Inductive generalization is:

• A)applying a general principle to particular cases
• B)drawing a general conclusion from particular cases
• C)another name for the fallacy of hasty generalization
• D)arriving at a conclusion without providing any evidence for it
• E)a type of deductive argument

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Definitions:

Flexible Budgets

Budgets that are designed to vary in accordance with changes in the level of activity or output, to provide more accurate costing and planning.

Spending Variance

The difference between the actual amount of the cost and how much the cost should have been, given the actual level of activity. A favorable (unfavorable) spending variance occurs because the cost is lower (higher) than expected, given the actual level of activity for the period.

Static Planning Budget

A projection of budget figures based on a fixed level of activity or volume, not adjusted for changes.

Flexible Budget

A budget that adjusts or varies with changes in the volume of activity, revenue, or other factors affecting budgetary needs.