The Budget Variance Is Calculated As

question 83

Multiple Choice

The budget variance is calculated as:

• A)Earned value minus planned value.
• B)Planned value minus actual cost.
• C)Earned value minus actual cost.
• D)Cost minus planned value.

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Definitions:

Utility Function

A mathematical representation of how a consumer derives satisfaction from consuming different quantities of goods and services.

Optimum Point

The most advantageous position or condition that can be achieved in a given circumstance or under certain parameters.

Frozen Yogurt

A dessert made from yogurt and sometimes other dairy products that is frozen and has a taste and texture similar to ice cream.

Indifference Map

A graphical representation of different bundles of goods between which a consumer is indifferent.