There Is an Element That Shows the Relationship Between Job

question 40

Multiple Choice

There is an element that shows the relationship between job value as determined by job evaluation points and job value as determined by pay survey rates. Which of the followings terms is the best match?

• A)market line
• B)isobar
• C)compa-ratio
• D)quartile

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Definitions:

Standard Price

The predetermined cost of a single unit of product or service, used in budgeting and to measure efficiency.

Direct Labor Rate Variance

The difference between the expected cost of direct labor and the actual cost incurred, based on the rate paid per hour.

Direct Labor Time Variance

The difference between the actual time spent on production and the estimated standard time, multiplied by the standard labor rate.

Direct Labor Rate Variance

The difference between the actual cost of direct labor and the expected (or budgeted) cost, based on standard rates and actual hours worked.