Which of the Following Terms Describes a Situation in Which

question 92

Multiple Choice

Which of the following terms describes a situation in which the national government provides funds to state governments with no strings attached on how that money is spent?

• A) fiscal federalism
• B) a categorical grant
• C) coercive federalism
• D) general revenue sharing
• E) devolution

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Definitions:

Variable Overhead Rate Variance

The difference between the actual variable overhead costs incurred and the standard costs expected for the actual production level.

Standard Cost

A financial estimate used to set a cost benchmark for manufacturing products, based on expected direct material, direct labor, and overhead costs.

Per Unit

Refers to a measurement or cost attributed to each individual unit of production or purchase.

Labor Efficiency Variance

The difference between the actual hours worked and the standard hours planned, multiplied by the labor rate.