1) Which of the following statements is true?

A) Organizations all have the same set of budgets

B) Budgets should not be used as part of performance evaluation.

C) Budgets are a quantitative expression of an organizations goals and objectives.

D) Organizations are all required to budget

2) A total labor variance is best defined as the difference between total:

A) actual cost and the standard cost for the standard hours allowed to produce the output that was made

B) standard cost for the actual quantity of hours worked and the standard cost for the standard hours allowed to produce the output that was made

C) actual cost and the standard cost for the actual quantity of hours worked

3) A materials price variance would not be caused by:

A) not taking a quantity discount

B) ordering from a new supplier who is located farther from our factory resulting in higher freight charges

C) requiring laborers to work overtime

D) ordering the wrong quality of materials