Refer to the Information in the Following Table When Answering $\quad$

question 58

Multiple Choice

Refer to the information in the following table when answering questions 18 to 26:
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Annual Family Income and Education }$
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Statistics for Three Neighborhoods }$


$\begin{array}{l|llllll}&\text { GLENBROOK}&&\text {MEADOWBROOK}&&\text { ELMBROOK}\\&\text { Income }&\text { Education }&\text { Income }&\text { Education }&\text { Income }&\text { Education }&\\\hline\text {Mean}&\$ 78,000 & 17 \text { Years } & \$ 28,000 & 15 \text { Years } & \$ 16,000 & 11 \text { Years } \\\text {Median}&\$ 27,000 & 18 & \$ 28,000 & 16 & \$ 18,000 & 11 \\\text {Mode}&\$ 26,000 & 20 & \$ 28,000 & 11 & \$ 12,000 & 11 \\\text {Stand Dev.}&\$ 8,000 & 3 & \$ 2,000 & 6 & \$ 3,000 & 1.0\\\text {(N) }&(300) &&(300) &&(300) \end{array}$

$\quad$$\quad$$\quad$$\quad$$\text { * } 4 \text { yrs college }=16 \text { yrs; masters } / \text { law degrees }=18 \mathrm{yrs} ; \mathrm{PhD} / \mathrm{MD} \text { degrees }=20 \mathrm{yrs} \text {. }$
-Which neighbourhood(s) has the smallest differences in family income? $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Annual Family Income and Education }$
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Statistics for Three Neighborhoods }$


$\begin{array}{l|llllll}&\text { GLENBROOK}&&\text {MEADOWBROOK}&&\text { ELMBROOK}\\&\text { Income }&\text { Education }&\text { Income }&\text { Education }&\text { Income }&\text { Education }&\\\hline\text {Mean}&\$ 78,000 & 17 \text { Years } & \$ 28,000 & 15 \text { Years } & \$ 16,000 & 11 \text { Years } \\\text {Median}&\$ 27,000 & 18 & \$ 28,000 & 16 & \$ 18,000 & 11 \\\text {Mode}&\$ 26,000 & 20 & \$ 28,000 & 11 & \$ 12,000 & 11 \\\text {Stand Dev.}&\$ 8,000 & 3 & \$ 2,000 & 6 & \$ 3,000 & 1.0\\\text {(N) }&(300) &&(300) &&(300) \end{array}$

$\quad$$\quad$$\quad$$\quad$$\text { * } 4 \text { yrs college }=16 \text { yrs; masters } / \text { law degrees }=18 \mathrm{yrs} ; \mathrm{PhD} / \mathrm{MD} \text { degrees }=20 \mathrm{yrs} \text {. }$

• A) Glenbrook
• B) Meadowbrook
• C) Elmbrook
• D) Glenbrook and Elmbrook
• E) Meadowbrook and Elmbrook

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Definitions:

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the expected quantity, valued at standard cost.

Favorable

A term used in variance analysis indicating that actual costs were lower than budgeted or standard costs, leading to higher profits.

Unfavorable

A term used in variance analysis to describe a situation where actual results are worse than expected results, often leading to a negative impact on financial performance.

Raw Materials Price Variance

This variance highlights the difference between the actual cost of raw materials used in production and the standard or expected cost.