How Many Degrees of Longitude Equals One Hour of Time

question 18

Multiple Choice

How many degrees of longitude equals one hour of time?

• A) 15°
• B) 24°
• C) 25°
• D) 45°

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Definitions:

Materials Variance

The difference between the actual cost of materials used in production and the expected (standard) cost of those materials.

Price Variances

The difference between the actual cost of a good or service and its standard or expected cost, which can be favorable or unfavorable.

Quantity Variances

Differences between the actual quantity of materials or inputs used in a production process and the standard quantity expected to be used, often leading to cost variances.

Favorable Variance

A financial situation where actual costs are less than the standard or budgeted costs, or actual revenue is higher than expected.