Variance analysis is a control process, also known as:

Question $1$ options:

Flexible budgeting

Static budgeting

A feedback loop

Management by exception

Question $2(1$ point$)$

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Suppose a hotel$$s actual housekeeping cost per room and budgeted housekeeping cost per room were both $$20.$ The actual quantity of rooms sold was $50$ greater than the budgeted quantity of rooms sold. What is the housekeeping cost quantity variance?

Question $2$ options:

$$0$

$$1000+$

$$1000-$

$$2000-$

Question $3(1$ point$)$

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If the actual labour rate is less than the budgeted labour rate, the labour cost variance will be unfavourable.

Question $3$ options:

TrueFalse

Question $4(1$ point$)$

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It is unethical for managers to investigate only some variances rather than all variances.

Question $4$ options:

TrueFalse

Question $5(1$ point$)$

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The variable$-$cost portion of the flexible budget variance is known as the:

Question $5$ options:

cost variance

flexible revenue variance

price variance

sales$-$volume variance

Question $6(1$ point$)$

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When management bonuses are based on controlling costs, care must be taken to ensure there is not a drop in:

Question $6$ options:

Quality

Fixed costs

Mixed Costs

Variable Costs

Question $7(1$ point$)$

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Management should be held accountable for all unfavourable variances.

Question $7$ options:

TrueFalse

Question $8(1$ point$)$

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Management should be held accountable for all unfavourable variances.

Question $8$ options:

TrueFalse

Question $9(1$ point$)$

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The specific process of analyzing and interpreting only the most important or significant variances is known as:

Question $9$ options:

management by exception

static$-$flexible analysis

standards management

variance analysis

Question $10(1$ point$)$

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The food cost for a steak dinner is $$15.$ If a restaurant sold $450$ steak dinners and the total food cost was actually $$6,975,$ what is the cost variance of the food?

Question $10$ options:

$$15\mathrm{.}50$ per steak

$$351+$

$$665-$

$$225-$