Actual costs exceeding budgeted costs, and actual revenues falling below budgeted revenues, are both examples of what? A. Unfavorable variances. B. Favorable variances. C. Management by exception. D. Responsibility reporting. A management concept that involves thorough planning and then corrective action only in those areas that do not show actual results consistent with the planned budget, is called what? A. Unfavorable variances. B. Management by exception. C. Irresponsible reporting. D. Variance analysis. 3. Which of the following is not an example of a Quantity Variance? A. Raw materials usage variance. B. Direct labor efficiency variance. C. Raw materials purchase price variance. D. Variable overhead efficiency variance. 4. Which of the following is not an example of a Price Variance? A. Raw materials purchase price variance. B. Direct labor rate variance. C. Fixed overhead volume variance. D. Variable overhead spending variance