If the Wage Rate Paid Per Hour Differs from the Standard

question 133

Multiple Choice

If the wage rate paid per hour differs from the standard wage rate per hour for direct labor, the variance is a _____ variance.

• A)variable
• B)rate
• C)quantity
• D)volume

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Definitions:

Corporation

A legal entity that is separate and distinct from its owners, capable of owning assets, incurring liabilities, and conducting business.

Stockholders

Individuals or entities that own shares in a corporation, thereby having a claim to a part of its assets and earnings.

Legal Entity

An individual, company, or organization that has legal rights and obligations, including the capacity to enter legal contracts, sue, and be sued.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning individuals cannot be effectively excluded from use, and use by one person does not reduce availability to others.