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Which of the following was not a characteristic of the Chesapeake colonies?
Efficiency Variance
The difference between the actual amount of resources used in production and the amount that should have been used, reflecting efficiency in resource usage.
Direct Materials
Raw materials that are directly used in the production of a product, easily traceable to the product itself.
Rate Variance
The difference between the actual rate paid for goods or services and the expected (or standard) rate, most often related to labor or materials.
Direct Labor-Hours
Sum of working hours of staff directly participating in the production process of an item.
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