Three of the Six Specified Actions in Toyota's Challenge 2050

question 308

Multiple Choice

Three of the six specified actions in Toyota's Challenge 2050 pertain to the company's efforts to

• A) provide liveable wages and workplace conditions.
• B) expand into new product categories.
• C) create recyclable products.
• D) respond to competitors.
• E) minimize CO2 emissions.

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Definitions:

Favorable

A term typically used in budgeting and accounting to describe variances or outcomes that are better than expected or budgeted figures.

Variable Overhead Rate Variance

The difference between the actual variable overhead incurred and the standard variable overhead estimated.

Variable Overhead Efficiency Variance

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

Favorable

A term often used in financial and operational reporting to indicate better-than-expected performance or results.