The Process of Continually Acquiring Information on Events Occurring Outside

question 251

Multiple Choice

The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends is referred to as

• A)significant trend analysis.
• B)organizational scanning.
• C)environmental scanning.
• D)a SWOT analysis.
• E)marketing intelligence.

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Definitions:

Actual Overhead

Actual overhead refers to the real costs incurred for overhead expenses, such as utilities, rent, and administrative costs, during a given period.

Direct Materials Price

The cost per unit of raw materials that are directly traceable to the production of goods.

Direct Labor Rate Variances

The difference between the actual cost of direct labor and the expected (or standard) cost, used in variance analysis to monitor labor costs.

Budgeted Standards

Budgeted standards represent targeted financial goals or benchmarks that a company aims to achieve within a certain period, often used in performance assessment and planning.