A Management Information System Helps Managers Make Effective Decisions by ________

question 91

Multiple Choice

A management information system helps managers make effective decisions by ________.

• A) providing detailed information about tax liabilities
• B) comparing a firm's sales with competitors' sales
• C) automatically updating employee records and data
• D) regularly generating standardized, summarized reports
• E) providing data about a firm's customer orders and returns

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Definitions:

Labor Rate Variance

The difference between the actual cost of direct labor and the expected (or budgeted) cost, based on standard rates and actual hours worked.

Materials Price Variance

The difference between the actual cost of materials purchased and the expected (or standard) cost, used to assess cost management performance in procurement.

Milk Chocolate

A type of chocolate that includes milk powder or condensed milk as a main ingredient, giving it a smooth, rich flavor and creamy texture.

Labor Rate Variance

The difference between the actual cost of labor and the expected (or standard) cost, used to assess efficiency and control payroll costs.