The Portion of the Population That Is Surveyed as Potential

question 12

Multiple Choice

The portion of the population that is surveyed as potential labour force participants consists of:

• A) the entire population of Canada.
• B) the civilian non-institutional population.
• C) the entire civilian population that is 15 years of age or older.
• D) the entire population excluding the Northern territories and those living on native reserves.
• E) the unemployed plus the employed population.

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Definitions:

Variable Overhead Efficiency Variance

The difference between the actual hours taken to produce something and the standard hours expected, multiplied by the variable overhead rate.

Materials Price Variance

The difference between the actual cost of materials and the expected cost multiplied by the quantity of materials used.

Unfavorable

A term used to describe a variance or difference that negatively impacts financial performance.

Labor Rate Variance

The difference between the expected cost of labor at standard rates and the actual cost of labor incurred.