_____ and _____ Relationships Are Another Way of Thinking About

question 71

Short Answer

_____ and _____ relationships are another way of thinking about superclass and subclass relationships.

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Definitions:

Revenue Variance

The variance between projected revenue and the actual income received.

Fixed Costs

Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance.

Variable Costs

Costs that vary directly with the level of production or sales volume, such as raw materials and direct labor.

Net Operating Income

The profit generated from a company's everyday business operations, calculated by subtracting operating expenses from the gross income.