The Main Factor in Determining How Much One Plot of Land

question 79

Multiple Choice

The main factor in determining how much one plot of land is worth relative to another plot is

• A)its fertility.
• B)the average amount of rainfall.
• C)its location.
• D)None of the choices are true.

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Definitions:

Direct Materials Quantity Variance

The difference between the actual quantity of direct materials used in production and the standard quantity expected to be used.

Standard Labor Hours

The predetermined amount of time expected to be required to complete a task or produce a unit of goods under normal conditions.

Direct Materials Price Variance

The difference between the actual cost of materials used in production and the expected (standard) cost, indicating how effectively a company controls its raw material expenses.

Standard Labor Hours

The anticipated amount of time required to produce a unit of output under normal conditions, used in budgeting and variance analysis.