There Are Two Basic Types of Variance.They Are

question 24

Multiple Choice

There are two basic types of variance.They are:

• A)constants and variables
• B)error variance and real variance
• C)systematic variance and random variance
• D)none of the above

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Definitions:

Fixed Budgets

Financial plans that allocate a predetermined amount of resources for a specific period, not allowing for modifications based on actual income or expenses.

Policies and Procedures

Established guidelines and methods of operation that an organization sets to regulate its activities and achieve objectives efficiently and in compliance with legal standards.

Single-use Plans

Specific actions or strategies designed to address a particular problem, goal, or project, and not intended for repeated or continual use.

Budgets

Financial plans that allocate resources, project revenues and expenses, and guide spending and investment decisions over a specific period.