The Practice of Identifying the Difference Between a Budget Amount

question 16

Multiple Choice

The practice of identifying the difference between a budget amount and actual performance is called:

• A) anomaly analysis
• B) outlier analysis
• C) variance analysis
• D) management by exception

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Definitions:

Percentage Changes

Calculations that measure the degree of change over time, expressed as a percentage to highlight growth or decline in quantitative data.

Price-Elasticity Of Demand

A gauge of the extent to which the amount of a product sought by consumers alters following a modification in its price.

Percentage Change

A mathematical calculation that demonstrates how much a quantity has increased or decreased relative to its previous value, often expressed as a percentage.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating the sensitivity of demand to changes in price.