"Trait" Models May Include Characteristics Such as Skills,abilities,knowledge,and Expertise

question 71

True/False

"Trait" models may include characteristics such as skills,abilities,knowledge,and expertise.

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Definitions:

Labor Quantity Variance

The difference between the actual labor hours worked and the standard hours expected, multiplied by the standard labor rate.

Total Labor Variance

The difference between the actual labor costs incurred and the standard labor costs for the actual production achieved.

Direct Labor Price Variance

The difference between the actual cost of direct labor and the expected (or standard) cost, based on the actual hours worked.

Standard Rate

A predetermined cost for materials, labor, and overhead set for computing variances and budgeting purposes.