In Terms of the Wheel of Science, a Hypothesis Is

question 18

Multiple Choice

In terms of the Wheel of Science, a hypothesis is derived from _________ and leads to ___________.

• A) statistics, observation
• B) theory, generalizations
• C) observation, generalizations
• D) theory, observation

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Definitions:

Labor Rate Variance

The difference between the actual labor rate paid and the standard labor rate expected, indicating over or underpayment.

Budget Variance

The difference between the budgeted amount of expense or revenue, and the actual amount of expense or revenue incurred.

Volume Variance

The difference between the budgeted fixed overhead and the applied fixed overhead, which is usually driven by a difference in actual production volume and the expected production volume.

Materials Price Variance

The variance between the real expense of materials and their anticipated (standard) price.