1.) What is the difference between a cost center and a profit center?Give an answer that demonstrates what critical element distinguishes the profit center from the cost center.

2.) Describe the difference between a centralized and a decentralized management style.

3.) What is the difference between traceable costs and common costs?

4.) What are the four segments of a traditional balanced scorecard?

5.) Annapolis Company completes job #601 which has a standard of 520 labor hours at a standard rate of $18.70 per hour.The job was completed in 630 hours and the average actual labor rate was $18.80 per hour.What is the labor rate variance?A negative number indicates an favorable variance and a positive number indicates an unfavorable variance.

6.) Annapolis Company completes job #601 which has a standard of 650 labor hours at a standard rate of $18.40 per hour.The job was completed in 510 hours and the average actual labor rate was $19.80 per hour.What is the labor efficiency (quantity) variance?A negative number indicates an favorable variance and a positive number indicates an unfavorable variance.