The Practice of Directing Executive Attention to Important Deviations from Budgeted

question 205

Multiple Choice

The practice of directing executive attention to important deviations from budgeted amounts is called management by

• A) exception.
• B) objective.
• C) control.
• D) analysis.

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Definitions:

Price Level

The price level is the average of current prices across the entire spectrum of goods and services produced in the economy, often used as a measure of inflation.

Exchange Rate

The monetary value of one currency when exchanged for another.

Gold Standard

An arrangement whereby the currencies of most countries are convertible into gold at a fixed rate.

World War I

A global conflict that occurred from 1914 to 1918, involving many of the world's great powers divided into two opposing alliances: the Allies and the Central Powers.