Between 1979 and 1985 the Rate of Inflation

question 48

Multiple Choice

Between 1979 and 1985 the rate of inflation

• A)fell from over 20 percent to around 2 percent.
• B)rose from around 2 percent to over 20 percent.
• C)remained constant.
• D)fell from over 10 percent to around 4 percent.
• E)rose from around 4 percent to over 10 percent.

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Definitions:

Overhead Controllable Variance

The difference between the actual overhead incurred and the overhead that management expected or budgeted for, which is within their control.

Budgeted Costs

Estimated expenses planned for a set period of time, forming the basis of a budget for managing a business's or project's financial resources.

Materials Price Standard

Pre-determined cost at which materials should be bought, used for budgeting and assessing purchasing performance.

Purchasing Department

A specialized division within a company responsible for acquiring goods and services that the company needs to operate.