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Direct Labour Hour
A measure of the amount of time a worker spends on direct production activities.
Flexible Budget
A budget that adjusts or flexes with changes in volume or activity levels within a business.
Volume Variance
The difference between the expected volume of production or sales and the actual volume, affecting budget and performance analysis.
Fixed Overhead
Fixed overhead refers to the indirect costs of production that remain constant regardless of the level of output, such as rent, salaries, and insurance.
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