According to Professor Pearce, Successful Business Practice in Tourism Depends

question 12

Multiple Choice

According to Professor Pearce, successful business practice in tourism depends mainly on:

• A) understanding the consumer.
• B) marketing effectiveness.
• C) staff performance and training.
• D) the hospitality spirit.
• E) financial and managerial inputs.

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Definitions:

Direct Labor Time Variance

The difference between the actual time taken to manufacture a product and the standard time expected, multiplied by the wage rate, indicating inefficiency or efficiency in production.

Standard Hours Per Unit

The predetermined amount of time expected to be required to produce one unit of a product under standard operating conditions.

Direct Materials Quantity Variance

The difference between the actual quantity of materials used in production and the standard quantity expected, multiplied by the standard cost per unit.

Direct Labor Time Variance

The difference between the actual time taken to complete a task and the standard time expected, multiplied by the labor rate.