Refer to the Information Provided in Table 6

question 159

Multiple Choice

Refer to the information provided in Table 6.1 below to answer the questions that follow.
Table 6.1
-Refer to Table 6.1. Personal consumption expenditures in billions of dollars are

• A) 1,000.
• B) 1,300.
• C) 1,500.
• D) 2,000.

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Definitions:

Efficiency Variances

Represents the difference between the actual input costs and the standard input costs anticipated for the production achieved.

Sales Price Variances

The difference between the actual price at which goods or services are sold and the expected (standard) sale price.

Sales Volume Variances

This is the difference between the actual sales volume and the budgeted sales volume, affecting revenue and expense projections.

Direct Materials Price Variance

The variance between the real expense of direct materials utilized in production and their predetermined cost, multiplied by the real amount of materials used.