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Select the Term That Best Fits the Definition or Description;enter

question 56

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Select the term that best fits the definition or description;enter the number of the term in the column for Your Answer.  Your Answer  Definition or Descuiption  Term A. The difference between actual sales in dollars and the standard sales price per unit times the actual level of activity 1. Economies of scale  B. A variance that occuss when the amount of applied overhead differs from the actual overhead costs 2. Flexible budgets C. Budgets that show expected revenues and costs for muliple levels of activity 3. Lax standards D. Differences between standard and actual amounts 4. Making the mubers E. The lower unit cost advantage possible for companies with high fixed costs when volume increases 5. Management by exception F. Standard representing a level of performance attainable wit reasomable effort 6. Practical standard G. Marketing managers attaining the sales vohune indicated in the master budget 7. Sales price variance H. Easily attainable goals that can be accomplished with minnal effort 8. Total ovenhead vanance I. The use of management resources in areas that are not performing in accordance with expectations 9. Unfavorable variance  J. A variance that occurs when actual costs exceed standard costs or when actual sales are less than standard sales 10. Variances \begin{array}{|l|l|l|} \hline \text { Your Answer } & \text { Definition or Descuiption } &\text { Term } \\\hline & \text {A. The difference between actual sales in dollars and the standard sales price per unit times the actual level of activity } &\text {1. Economies of scale } \\\hline & \text { B. A variance that occuss when the amount of applied overhead differs from the actual overhead costs } &\text {2. Flexible budgets } \\\hline & \text {C. Budgets that show expected revenues and costs for muliple levels of activity } &\text {3. Lax standards } \\\hline & \text {D. Differences between standard and actual amounts } &\text {4. Making the mubers } \\\hline & \text {E. The lower unit cost advantage possible for companies with high fixed costs when volume increases } &\text {5. Management by exception } \\\hline & \text {F. Standard representing a level of performance attainable wit reasomable effort } &\text {6. Practical standard } \\\hline & \text {G. Marketing managers attaining the sales vohune indicated in the master budget } &\text {7. Sales price variance } \\\hline & \text {H. Easily attainable goals that can be accomplished with minnal effort } &\text {8. Total ovenhead vanance } \\\hline & \text {I. The use of management resources in areas that are not performing in accordance with expectations } &\text {9. Unfavorable variance } \\\hline & \text { J. A variance that occurs when actual costs exceed standard costs or when actual sales are less than standard sales } &\text {10. Variances } \\\hline\end{array} First set of changes are due to wording in text ("…Melrose has a fixed cost volume variance of $16,200 ($307,800 budgeted fixed cost − $291,600 applied fixed cost)"

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Definitions:

ANOVA

A statistical method used to determine the presence of significant differences between the means of three or more independent groups.

Observations

Data collected or measured from a study or experiment regarding individuals, subjects, or phenomena.

Degrees of Freedom

The total number of individual values or figures that a statistical distribution can possess.

Interaction

In statistics and experiments, it refers to a situation where the effect of one variable on an outcome is modified by the level or presence of another variable.

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