1.

The purpose of standard costing is to

		compute break even
		do a better job of allocating costs
		complete financial statements
		control costs

2.

( Actual quantity of materials used - standard quantity allowed) x standard price produce your product .

		materials price variance
		Labor efficiency variance
		labor rate variance
		materials usage variance

3.

Which is not true of a master budget?

		consists of all supported budget
		overall plan of the enterprise
		Used to prepare a tax return
		it is a projected income statement and balance sheet

4.

A variance caused by paying more or less than the standard cost for materials to produce your product.

		Labor efficiency variance
		materials price variance
		materials usage variance
		labor rate variance