Briefly and Concisely Define the Following Terms

question 111

Essay

Briefly and concisely define the following terms:
a. fiscal federalism
b. horizontal equity
c. vertical equity
d. benefits principle of taxation

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Definitions:

Variances

The difference between expected and actual figures in budgeting and financial forecasting.

Direct Labor-Hours

The complete count of hours expended by personnel directly part of the process in making a product or providing a service.

Standard Cost System

An accounting method that uses cost estimates for labor and materials to plan a budget and measure performance.

Fixed Manufacturing Overhead

Costs that do not vary with the level of production, such as rent, salaries, and insurance associated with manufacturing.