1. What is the result when the actual rate paid for labor is less than the standard rate? (Multiple Choice)

• An unfavorable labor price variance

• A favorable labor price variance

• A favorable labor usage variance

• An unfavorable labor usage variance

2. The sales volume variance is the difference between the: (Multiple Choice)

• static budget (based on actual volume) and the flexible budget (based on planned volume).

• static budget (based on planned volume) and the flexible budget (based on actual volume).

• static budget (based on planned volume) and actual revenue or cost.

• flexible budget (based on actual volume) and actual or revenue or cost.