On the Line in Front of Each Statement,enter the Letter

question 73

Short Answer

On the line in front of each statement,enter the letter corresponding to the term that best fits that statement.An item may be used more than once or not at all.
A)Sales volume variance
B)Efficiency variance
C)Flexible budget
D)Benchmarking
E)Overhead flexible budget variance
____ The difference between the actual quantity of input and standard quantity of input
Allowed for actual output,multiplied by the standard unit price of input
____ Using standards based on the "best practice" level of performance
____ A summarized budget that can easily be computed for several volume levels
____ The difference between the actual overhead cost incurred and the flexible budget amount of overhead cost for actual production
____ Arises because the number of units actually sold differs from the static budget units

• A)Sales volume variance
• B)Efficiency variance
• C)Flexible budget
• D)Benchmarking
• E)Overhead flexible budget variance
• ____ The difference between the actual quantity of input and standard quantity of input
• Allowed for actual output,multiplied by the standard unit price of input
• ____ Using standards based on the "best practice" level of performance
• ____ A summarized budget that can easily be computed for several volume levels
• ____ The difference between the actual overhead cost incurred and the flexible budget amount of overhead cost for actual production
• ____ Arises because the number of units actually sold differs from the static budget units

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Definitions:

Purchase More

The action of buying an increased quantity of goods or services than previously acquired.

Marginal Utility

The additional contentment a customer derives by consuming one more unit of a product or service.

Demand

The desire and ability of consumers to purchase goods and services at various price levels.

Budget Line

A budget line represents the combination of goods and services that a consumer can purchase given their income and the prices of those goods and services.