A Ranking Scale in Which Numbers Are Assigned to Objects

question 7

True/False

A ranking scale in which numbers are assigned to objects to indicate the relative extent to which some characteristic is possessed is called a nominal scale.

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Definitions:

Planning Budget

A budget established at the beginning of a planning period, reflecting the expected income and expenditures.

Revenue and Spending Variance

The difference between the expected (budgeted) and actual amounts of revenue and expenses.

Flexible Budget Performance Report

A financial report that compares actual operating results to budgeted amounts adjusted for actual activity levels.

Activity Variance

The difference between the planned budget of an activity and the actual expenses incurred.