A Stakeholder Group That Is Absolutely Necessary for a Firm's

question 12

Multiple Choice

A stakeholder group that is absolutely necessary for a firm's survival is defined as

• A)direct.
• B)tertiary.
• C)secondary.
• D)special-interest.
• E)primary.

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Definitions:

Direct Labor Rate Variance

The difference between the actual costs of labor and the expected (or standard) costs, based on the hourly wage rates times the number of hours worked.

Direct Labor Time Variance

The difference between the actual hours worked by employees at the standard rate and the expected hours at the standard rate, for manufacturing a product.

Total Cost Variance

The difference between the budgeted or standard cost of production and the actual cost incurred.

Direct Materials Price Variance

The difference between the actual cost of direct materials used in production and the standard cost, indicating cost management efficiency.