Which of the Following Statements About Evaluation Is True

question 71

Multiple Choice

Which of the following statements about evaluation is true?

• A) living itself is a constant evaluation process
• B) evaluation takes place among friends
• C) evaluation can be formal or informal
• D) all of these

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Definitions:

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the expected amount, which can indicate efficiency or waste.

Materials Price Variance

The difference between the actual cost of materials purchased and the expected cost, based on standard prices.

Labor Rate Variance

The difference between the actual cost of labor and the expected (or standard) cost, based on the hours worked.

Labor Rate Variance

A specific type of variance that measures the difference between the actual hourly wage paid to workers and the standard rate expected.