What Is the Material Price Variance

question 152

Multiple Choice

What is the material price variance?

• A)It is the difference between the actual and standard unit price of an input multiplied by the number of inputs used.
• B)It is the difference between the actual and standard unit price of an output multiplied by the number of inputs used.
• C)It is the difference between the actual and standard unit price of an input multiplied by the number of inputs purchased.
• D)It is the difference between the actual and standard unit price of an output multiplied by the number of inputs purchased.

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Definitions:

Naïve Psychology

An individual's natural understanding and interpretation of other people's behaviors and mental states.

Event Schemas

Cognitive frameworks consisting of typical sequences of events in familiar contexts, enabling people to predict and interpret everyday situations.

Scripts

in psychology, refer to sequences of expected behaviors, actions, and events in particular contexts or social situations.