1. Management by exception means

		managers only look at exceptional people
		all operating details are examined closely
		managers look at areas where there is an exception or problem
		managers check all operations in detail

2. Costs that are unaffected by the relative level of production

		variable costs
		materials costs
		mixed costs
		fixed costs

3. What details expected inflow and outflow of cash?

		capital budget
		Sales budget
		cash budget
		operating budget

4. (actual rate-standards rate) x actual hours worked produce you product.

		materials price variance
		materials usage variance
		labor rate variance
		Labor efficiency variance