Match the Following Terms with the Items Below

question 14

Multiple Choice

Match the following terms with the items below:
-Variable overhead efficiency variance

• A)(Actual hours - Standard hours)SVOR
• B)Prediction of what activity costs will be as activity output changes
• C)A measure of capacity utilization
• D)Actual variable overhead - (SVOR * Actual hours)
• E)Difference between the actual amount and the flexible budget amount
• F)A budget that specifies costs for a range of activity
• G)A budget for a particular level of activity
• H)Estimating activity output and then assessing the cost of resources to produce this output
• I)A report that compares actual with planned costs
• J)Difference between actual and budgeted fixed overhead

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Definitions:

Worker Productivity

The amount of goods and services that a worker produces in a given period of time.

College Education

A postsecondary education program that leads to an academic degree or professional qualification, typically offered by colleges and universities.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a factor of production or resource.

Resource Price

The cost associated with acquiring a resource needed for production, such as labor, materials, or capital.