TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 3) Managers take into account the company's past performance, market feedback, and anticipated future events to prepare the budget. 3) 13) When referring to direct labor, the price variance is often called the rate variance. 13) 16) The flexible-budget variance for revenues arises from the difference between the actual selling price and the budgeted selling price and the difference between budgeted sales volume (units) and actual sales volume (units). 16)