One of the Basis for Compensation Centers on Whether Employees

question 67

Multiple Choice

One of the basis for compensation centers on whether employees are classified as nonexempt or exempt under the _____.

• A)Equal Pay Act
• B)Fair Labor Standards Act
• C)Taft-Hartley Act
• D)Employment Classification Act

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Definitions:

Variable Overhead Rate Variance

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

Fixed Manufacturing Overhead Budget Variance

The discrepancy between the budgeted fixed overhead costs and the actual fixed overhead incurred during production.

Fixed Manufacturing Overhead Volume Variance

The difference between the budgeted and actually applied fixed manufacturing overhead, based on standard costs for a given period.

Fixed Overhead Budget Variance

The difference between actual fixed overhead costs and the budgeted or expected fixed overhead costs.