Presented Below Are Terms Preceded by Letters a Through J

question 94

Short Answer

Presented below are terms preceded by letters a through j and followed by a list of definitions 1 through 10.Enter the letter of the term with the definition,using the space preceding the definition.
(a)Cost variance
(b)Volume variance
(c)Price variance
(d)Quantity variance
(e)Standard costs
(f)Controllable variance
(g)Fixed budget
(h)Flexible budget
(i)Variance analysis
(j)Management by exception
__________ (1)The difference between the total budgeted overhead cost and the overhead
cost that was allocated to products using the predetermined fixed overhead rate.
__________ (2)A planning budget based on a single predicted amount of sales or production
volume; unsuitable for evaluations if the actual volume differs from the predicted volume.
__________ (3)Preset costs for delivering a product,component,or service under normal
conditions.
__________ (4)A process of examining the differences between actual and budgeted sales or
costs and describing them in terms of the amounts that resulted from price and quantity
differences.
__________ (5)The difference between actual and budgeted sales or cost caused by the
difference between the actual price per unit and the budgeted price per unit.
__________ (6)A budget prepared based on predicted amounts of revenues and expenses
corresponding to the actual level of output.
__________ (7)The difference between actual and budgeted cost caused by the difference
between the actual quantity and the budgeted quantity.
__________ (8)The combination of both overhead spending variances (variable and fixed)
and the variable overhead efficiency variance.
__________ (9)A management process to focus on significant variances and give less
attention to areas where performance is close to the standard.
__________ (10)The difference between actual cost and standard cost,made up of a price
variance and a quantity variance.

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Definitions:

Main Effect

The direct impact of an independent variable on a dependent variable in an experimental design.

Model Sum

A statistical term used to describe the total sum of squares in a model, measuring the variation explained by the model.

Squares

In mathematics, squares refer to numbers that result from multiplying a number by itself, or geometrically, shapes with four equal sides and four right angles.

Two-way ANOVA

A method in statistics for examining how two nominal variables predict the behavior of a continuous response variable.