Match each term to the correct definition.
Terms:
a. Flexible budget
b. Flexible budget variance
c. Sales volume variance
d. Static budget
e. Variance

Definitions:
1. A summarized budget for several levels of volume that separates variable costs from fixed costs.
2. A budget prepared for only one level of sales.
3. The difference between an actual amount and the budget.
4. The difference arising because the company actually earned more or less ­revenue, or incurred more or less cost, than expected for the actual level of ­output.
5. The difference arising only because the number of units actually sold differs from the static budget units.