$1-$ Standard costing for material has the following variances:

a$.$ Usage, efficiency, price

b$.$ Efficiency, rate, price

c$.$ Total, price, usage

d$.$ None of the above.

$2-$ ABC costing is:

a$.$ The only method to distribute the overhead cost to products.

b$.$ The fair method to determine the price.

c$.$ The most suitable way to find the variances.

d$.$ None of the above.

$3-$ CVP Analysis helps the business in:

a$.$ Finding the best possible price for a single product.

b$.$ Differentiating between different types of products.

c$.$ Reducing the variable and fixed costs.

d$.$ None of the above.

$4-$ The breakeven point is:

a$.$ The point where the total cost equals the net income.

b$.$ The point where there is no profit or loss.

c$.$ The point where the total revenue equals the net income.

d$.$ All of the above.

$5-$ If the standard labor cost is $$\frac{150}{h}r.,$ and $1hr./$service$,$ and the actual cost is $$\frac{140}{h}r.$ and for

$1\mathrm{.}1hrs\frac{.}{?}$ service, thus:

a$.$ LEV is Unfavorable and LRV is Favorable.

b$.$ LEV is Favorable and LRV is Unfavorable

c$.$ LEV is Favorable and LRV is Favorable.

d$.$ LEV is Unfavorable and LRV is Unfavorable