If the Actual Direct Labor Hours Spent Producing a Commodity

question 116

Multiple Choice

If the actual direct labor hours spent producing a commodity differ from the standard hours, the variance is a _____ variance.

• A)time
• B)price
• C)quantity
• D)rate

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Definitions:

Variation

The extent to which data points in a dataset differ from each other and from the mean of the dataset; critical in statistical analysis for understanding data dispersion.

Survey Scales

Rating scales used in questionnaires that allow respondents to indicate their opinions or feelings about a particular question or statement in a quantified manner.

Ordinal Data

Data that can be categorized or ranked, but the intervals between the ranks do not necessarily have a mathematical meaning.

Data

Facts and statistics collected together for reference or analysis, used to make decisions or inform conclusions.