If the Wage Rate Paid Per Hour Differs from the Standard

question 6

Multiple Choice

If the wage rate paid per hour differs from the standard wage rate per hour for direct labor, the variance is a

• A) variable variance
• B) rate variance
• C) quantity variance
• D) volume variance

---

Definitions:

Punitive Damages

Financial restitution given to a victim that surpasses the required amount for compensating damages and serves to discipline the perpetrator.

Property Insurance Policy

An insurance policy that provides financial reimbursement to the owner or renter of a structure and its contents, in case of damage or theft.

Beneficiary

A legal term referring to an individual or entity entitled to receive benefits or assets under the terms and provisions of a will, trust, insurance policy, or other contract.

Ownership Interest

A person's or entity's legal rights and claims to an asset, reflecting the degree of ownership and entitlement to the benefits that come with the asset.