In a Survey of Forecasters Toward the End of the Financial

question 48

Multiple Choice

In a survey of forecasters toward the end of the financial crisis of 2007-2009, forecast inflation rates for the next decade in the United States were:

• A) 0%.
• B) 2%.
• C) 4%.
• D) 7%.

---

Definitions:

Standard Rate

A predetermined cost or price used in budgeting and costing exercises, reflecting an expected or agreed level of expenditure or charge.

Variable Factory Overhead Controllable Variance

The difference between the actual and budgeted variable overhead costs that management has the ability to influence or control.

Actual Hours

The real number of hours worked or spent on a particular activity or project, as opposed to planned or estimated hours.

Standard Hours

The preset amount of time expected to complete a task or work process in an efficient manner.