Match the Following

question 20

Short Answer

Match the following:
A) Overhead flexible budget variance
B) Efficiency variance
C) Static budget
D) Flexible budget variance
E) Sales volume variance
F) Standard cost
G) Variance
H) Production volume variance
I) Benchmarking
J) Price variance
K) Flexible budget
1) 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
2) Using standards based on the "best practice" level of performance
3) A summarized budget that can easily be computed for several volume levels
4) The difference between the actual overhead cost incurred and the flexible budget amount of overhead cost for actual production
5) Arises because the number of units actually sold differs from the static budget units
6) The difference between an actual result and a flexible budget amount for the actual output
7) The difference between an actual amount and the corresponding budgeted amount
8) The difference between the actual and standard unit price of input, multiplied by the actual quantity of input
9) The difference between the overhead cost in the flexible budget for actual production and the standard overhead cost allocated to production
10) A carefully predetermined cost that usually is expressed on a per unit basis
11) The budget prepared for only one level of sales volume

• A) Overhead flexible budget variance
• B) Efficiency variance
• C) Static budget
• D) Flexible budget variance
• E) Sales volume variance
• F) Standard cost
• G) Variance
• H) Production volume variance
• I) Benchmarking
• J) Price variance
• K) Flexible budget
• 1) 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
• 2) Using standards based on the "best practice" level of performance
• 3) A summarized budget that can easily be computed for several volume levels
• 4) The difference between the actual overhead cost incurred and the flexible budget amount of overhead cost for actual production
• 5) Arises because the number of units actually sold differs from the static budget units
• 6) The difference between an actual result and a flexible budget amount for the actual output
• 7) The difference between an actual amount and the corresponding budgeted amount
• 8) The difference between the actual and standard unit price of input, multiplied by the actual quantity of input
• 9) The difference between the overhead cost in the flexible budget for actual production and the standard overhead cost allocated to production
• 10) A carefully predetermined cost that usually is expressed on a per unit basis
• 11) The budget prepared for only one level of sales volume

Understand the concept of heuristics in problem-solving and decision-making.

Recognize and differentiate between various types of heuristics such as availability and representativeness.

Understand functional fixedness and its impact on problem-solving.

Grasp the stages of Bowers's two-stage model of intuition.

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Definitions:

Netherlands

A country in Northwestern Europe known for its flat landscape, canals, tulip fields, windmills, and cycling routes.

Exports

Products or services manufactured in a particular country and purchased by consumers in a different country, adding to the national income of the exporter.

Imports

Products or services that are transported into a country from abroad with the intent of being sold.

International Trade

The trading of products, services, and money across the borders or territories of different countries.