Match each term to the correct definitions.

Terms

a$.$ Benchmarking

b$.$ Efficiency variance

c$.$ Cost variance

d$.$ Standard

Definitions

Measures whether the quantity of materials or labor used to make the actual number of outputs is within the standard allowed for the number of outputs.

Uses standards based on best practice.

Measures how well the business keeps unit costs of materials and labor inputs within standards.

A price, cost, or quantity that is expected under normal conditions.