The Materials Price Variance Is Computed by Multiplying the Difference

question 53

True/False

The materials price variance is computed by multiplying the difference between the actual price and the standard price by the actual quantity of materials used in production.

---

Definitions:

Total Allowable Catch

The maximum quantity of a particular fish species that can be caught within a specified area and time frame to prevent overfishing.

Individual Transferable Quota

A system in resource management where individuals or companies are allocated a certain amount of a resource and can buy, sell, or trade parts of that quota.

Fisheries

Places where fish are raised or caught in significant numbers, often critical for food supply and employment in certain regions.

ITQs

Individual Transferable Quotas, a fishery management tool that allocates a certain quantity of a fishery resource to individuals or companies.