What Does the Number 2

question 24

Multiple Choice

What does the number 2.001 represent in the following: t₍₅₈₎ = 2.001, p < .05?

• A)test statistic
• B)t value
• C)degrees of freedom
• D)significance level

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Definitions:

Variable Overhead Spending Variance

The difference between actual variable overhead costs incurred and the expected (standard) costs based on the actual level of production activity.

Fixed Overhead Spending Variance

The difference between the actual and budgeted fixed overhead costs incurred during a period.

Variable Manufacturing Overhead

Refers to the production costs that fluctuate with the level of output, such as utility costs or raw materials, which are not directly tied to individual units.

Materials Quantity Variance

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