To Be an Ethnical Manager, You Need to Recognize and Adhere

question 8

True/False

To be an ethnical manager, you need to recognize and adhere to ethical values and acknowledge the importance of human meaning, quality, and higher purpose.

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Definitions:

Labor Efficiency Variance

The difference between the actual hours worked to produce goods and the standard hours expected, multiplied by the standard labor rate, indicating efficiency in labor use.

Material Price Variance

The variance between the real price paid for materials and their anticipated (standard) price.

Material Quantity Variance

The difference between the actual quantity of materials used in production and the standard quantity expected, multiplied by the standard cost per unit.

Labor Rate Variance

The difference between the actual cost of labor and the budgeted or standard cost, attributable to paying a higher or lower wage rate than anticipated.