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______ invest in small businesses in return for an ownership share
Labor Efficiency Variance
The difference between the actual labor hours used and the standard hours expected for the level of production achieved.
Direct Labor
The cost of workers who are directly involved in the production of goods or the delivery of services.
Standard Cost System
An accounting method that assigns predetermined costs to products and services, which are then compared to actual costs to measure performance.
Labor Rate Variance
The difference between the actual cost of labor and the budgeted or standard cost of labor, used as a measure of performance in cost control.
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