40) Which of the following managers is at the highest level of the organization? A) profit center manager B) investment center manager C) cost center manager D) revenue center manager 41) Which of the following is TRUE regarding a static budget? A) A static budget is also known as a fixed budget. B) A static budget is adjusted for changes in the level of activity C) A static budget is a budget that stays the same from one period to the next. D) A static budget is prepared for only one level of activity. 42) A flexible budget variance is the difference between which of the following? A) actual results and amounts in the static budget B) amounts in the flexible budget and the static budget C) amounts in the flexible budget and the actual results D) the budgeted amounts for each level of activity in the flexible budget 43) Which of the following is NOT a possible reason for a variance between flexible budget amounts and actual results? A) The amount of labor used per unit of output was different than expected. B) Material prices were different than expected. C) The actual volume of activity was different than expected. D) None of the above are possible reasons for a variance. 44) What do flexible budgets help to measure? A) the amount by which standard and expected prices differ B) the efficiency of operations at the actual activity levels C) both A and B D) none of the above 45) The direct materials flexible budget variance can be divided into two variances called the A) price variance and the rate variance. B) price variance and the standard variance. C) price variance and the efficiency variance. D) quantity variance and the efficiency variance