The Flexible Budget Variance Is the Difference Between

question 141

Multiple Choice

The flexible budget variance is the difference between

• A)the static budget and the flexible budget.
• B)the flexible budget and actual results.
• C)the actual quantity and budgeted quantity.
• D)the actual price and the standard price.

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Definitions:

Variance

A measure of dispersion indicating how far individual values in a dataset are from the mean.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values; a low standard deviation indicates that the values tend to be close to the mean.

Sampling Distribution

The probability distribution of a given statistic based on a random sample.

Chi-square Distribution

A probability distribution commonly used in statistical significance tests.