Jonah Tells Levi He Will Give Him an Xbox If

question 15

Multiple Choice

Jonah tells Levi he will give him an Xbox if Levi does Jonah's chores for a month.Levi promises to do the chores.Jonah and Levi have formed​

• A)a bilateral contract.
• B)an implied contract.
• C)a unilateral contract.
• D)no contract.

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Definitions:

Flexible Budget

A budget that adjusts or varies with changes in the volume of activity, often used to provide more realistic performance comparisons.

Variable Costs

Variable Costs are expenses that vary in direct proportion to changes in the levels of an activity or production volume, such as materials and labor costs.

Fixed Costs

Expenses that do not change with the level of production or sales, such as rent and salaries.

Direct Materials Price Variance

The difference between the actual cost and standard cost of direct materials used in production, indicating how effectively a company is purchasing its raw materials.