Match the Variance to the Correct Definition

question 37

Multiple Choice

Match the variance to the correct definition.
-Static budget variance

• A)measures how well the business uses its materials or human resources
• B)the difference between the expected results in the flexible budget for the actual units sold and the static budget
• C)the difference between actual results and expected results in the flexible budget for the actual units sold
• D)measures how well the business keeps unit material and labor costs within standards
• E)the difference between actual results and the expected results in the static budget

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Definitions:

Deductible

The amount an insured person must pay out-of-pocket before the insurance company will cover the remaining costs of a claim.

Medical Bills

Charges for medical services rendered, including hospital stays, doctor consultations, and treatments.

Insurance Premiums

Payments made to an insurance company in exchange for coverage.

Endowment Policy

An insurance policy designed to pay a lump sum after a specific term (on its 'maturity') or upon the death of the policyholder, whichever comes first.