A Flexible Budget Variance Is $1,500 Favorable for Unit-Related Costs

question 105

Multiple Choice

A flexible budget variance is $1,500 favorable for unit-related costs.This indicates that:

• A)actual costs were $1,500 more than the master budget.
• B)actual costs were $1,500 less than standard for the achieved level of activity.
• C)the sum of the planning and efficiency variances totals $1,500.
• D)actual costs were $1,500 less than for the planned level of activity.

Comprehend the relationship between reliability and validity in psychological testing.

Recognize the importance of unconditional positive regard in psychological development.

Understand the role of self-actualization and the actualizing tendency in achieving one's potential.

Familiarize with the use and development of the MMPI in psychological assessment.

---

Definitions:

Overhead Expenses

The ongoing expenses associated with running a business that are not directly tied to the production of goods or services.

Mark-up

An extra charge applied to the base cost of products to accommodate for overheads and earnings, culminating in the final asking price.

Selling Price

The amount of money for which an item or service is sold to the buyer.

Operating Expenses

Operating expenses are the costs associated with running a business's core operations on a daily basis, including rent, utilities, and payroll.