Indicate Whether Each of the Following Statements Is True or False

question 81

Short Answer

Indicate whether each of the following statements is true or false.
The difference between the actual fixed costs and budgeted fixed costs is the spending variance.______
For fixed costs,there is no flexible budget variance.______
Companies generally do not calculate a volume variance for fixed overhead costs.______
The volume variance is the difference between budgeted fixed cost and the applied fixed cost for the period.______
If the amount of fixed overhead applied to production is greater than the budgeted fixed overhead,the result is an unfavorable overhead volume variance.______

Identify and describe the components of supply chain management (SCM).

Distinguish between push (make-to-stock) and pull (make-to-order) models in SCM.

Understand the role of logistics in SCM and how it relates to various SCM components.

Comprehend the significance of supplier relationship management and how it affects SCM.

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Definitions:

Marginal Cost

The increased cost resulting from the production of an additional unit of a good or service.

Economic Profit

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, indicating the actual profitability of the company beyond just accounting profit.

Purely Competitive

A market structure characterized by many buyers and sellers, homogeneous products, and no barriers to entry or exit.

Total Revenue

The total amount of money a company receives from sales of goods or services, calculated by multiplying the price per unit by the number of units sold.