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Scenario C

question 117

Multiple Choice

Scenario C. Smash Marketing is consulting firm located in the Midwest. Mr. William "Bill" Smash started the firm as a young man in the early 1950s. The firm has grown but with growth, they have never forgotten the vision of Mr. Smash—to be creative in all they do while delighting the client. Each year the Smash Award for Advertising Creativity is given to the employee who most exemplifies Mr. Smash's vision. New employees are told of the organization's greatest accomplishments and are taken on a tour of the "Wall of Memories" where pictures of the company taken over the years are hung. One is even included to remind everyone of the disastrous fire that the company not only survived, but also built upon to strengthen the sense of teamwork clearly evident throughout the firm. In fact, there is a long tradition of employee participation in decision making and all consider themselves to be part of the "Smash Family."
-When new employees are told of the organization's great accomplishments and history,it is an example of (an)

Definitions:

Variance

The difference between a planned, budgeted, or standard amount and the actual amount incurred or realized.

Revenue Variance

The difference between actual revenue earned and expected revenue, often used in budgeting and financial analysis.

Materials Price Variance

The difference between the actual cost of raw materials used in production and the expected (or standard) cost of those materials.

Raw Materials Quantity

The amount or volume of raw materials required or used in the production process, often measured to assess inventory needs and costs.