The Difference Between a Standard and a Budget Is That

question 105

Multiple Choice

The difference between a standard and a budget is that ________.

• A) a budget generally indicates a total amount while a standard indicates a per unit amount
• B) a standard acts as an overall guide for operating the business on a planned course of action
• C) a budget generally indicates a per unit amount while a standard indicates a total amount
• D) a standard projects future costs while a budget examines past costs

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Definitions:

Skewness

A measure of the asymmetry of the probability distribution of a real-valued random variable about its mean.

Three Decimal Places

A numerical representation precise up to three digits to the right of the decimal point.

Three Decimal Places

A numerical precision or format in which a number is rounded or expressed to the third digit to the right of the decimal point.

Central Tendency

A statistical measure that identifies a single value as representative of an entire distribution, often seen in the mean, median, or mode.