Match each term to the correct definition (CHAPTER 9) Question 5 options: is the difference between the actual revenue for the period and how much the revenue should have been, given the actual level of activity. can be adjusted to reflect any level of activityincluding the actual level of activity. is prepared before the period begins and is valid for only the planned level of activity. It is sometimes referred to as a static planning budget because it is not adjusted even if the level of activity subsequently changes. is the difference between a revenue or cost item in the flexible budget and the same item in the static planning budget. 1. A planning budget 2. A flexible budget 3. An activity variance 4. A revenue variance