Answer the Following Questions Using the Information Below

question 178

Multiple Choice

Answer the following questions using the information below:
These questions refer to flexible-budget variance formulas with the following descriptions for the variables: A = Actual;B = Budgeted;P = Price;Q = Quantity.
-The best label for the formula (AQ - BQ) BP is the:

• A)efficiency variance.
• B)total flexible-budget variance.
• C)price variance.
• D)spending variance.

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Definitions:

3M

A multinational conglomerate known for its research and development, producing thousands of innovative products like Post-it Notes and Scotch tape.

Ultimate Consumer

The final buyer who purchases products or services for personal use, not for resale.

Organizational Buyer

Refers to entities such as companies, governments, and institutions that purchase goods and services for use in the production of other products and services or for resale.

Marketing Concept

A philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition.