Bootstrapping Is a Process in Which Entrepreneurs Tap Their Personal

question 66

True/False

Bootstrapping is a process in which entrepreneurs tap their personal savings and use creative, low-cost start-up methods to launch their businesses.

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Definitions:

Labour Efficiency Variance

The difference between the actual hours worked and the standard hours expected to produce a certain level of output, valued at the standard labour rate.

Credit Balance

An account balance that shows money owed to the account holder, often indicating a creditor position in financial records.

Materials Price Variance

The difference between the actual cost of direct materials and the expected (standard) cost multiplied by the actual quantity purchased or used.

Labour Rate Variance

The difference between the actual cost of labor and the expected (or standard) cost.