In Metric Dimensioning, the Dimension and Its Tolerance Need Not

question 3

True/False

In metric dimensioning, the dimension and its tolerance need not be expressed to the same number of decimal places.

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Definitions:

Labor Quantity Variance

The difference between the actual hours worked and the standard hours expected, multiplied by the standard hourly wage rate.

Standard Costing System

A cost accounting system that assigns predetermined costs to products and services, used to plan budgets and assess performance by comparing actual costs against these standards.

Total Price Variance

The difference between the actual cost of a good or service and its expected cost based on standard pricing.

Quantity Variances

Differences between actual and expected (or standard) quantities of inputs or outputs in the production process, affecting costs.