For each of the following items, select the term that best fits the description:

a. Price variance

b. Efficiency variance

c.  Flexible budget

d. Profit center

e. Balanced scorecard

f. Management by exception

g. Performance report

h. Currently attainable standards

i. Standard costs

j. Volume variance

k. Data dashboard

i. Report that includes a comparison with the master budget, a flexible budget for actual production and sales, as well as variances for revenues and costs

ii. A report of what costs should be based on different levels of activity

iii. Focus is placed on identifying and analyzing significant variances

iv. Measures the dollar cost that should be paid for inputs (product costs) needed in production

v. Difference between actual and standard prices for actual materials purchased (direct materials variance) or actual hours (direct labor variances)

vi. Difference between actual and standard hours allowed (direct labor variances) or quantities of materials for units produced (direct materials variances) measured at standard rates

vii. Difference between budgeted and applied fixed overhead

viii. Performance management system that recognizes both financial and nonfinancial measures when evaluating a company’s performance

ix. Organizational unit in which the manger is responsible for generating revenue and controlling costs

x. Realistic expectations of what should be accomplished under normal production conditions

xi. Visual information tools designed to track, analyze, and display key metrics and data points for management