_____ Is the Revised Project Budget Based on Actual Cost

question 46

Multiple Choice

_____ is the revised project budget based on actual cost to date plus the estimate to complete.

• A) Cost variance
• B) Budgeted cost of work performed
• C) Estimate at completion
• D) Planned value
• E) Budget at completion

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Definitions:

Standard Materials Price

The price set for budgeting purposes for materials in manufacturing, often used in variance analysis.

Standard Materials Price

The pre-determined cost assigned to materials used in production, for budgeting and variance analysis purposes.

Direct Materials

Direct materials are raw materials that are directly traceable to the manufacturing of a product and are a component of the total manufacturing cost.

Fixed Overhead Rate

A predetermined rate used to allocate fixed overhead costs to cost objects, calculated at the beginning of a period based on estimated costs and activity levels.