Multiple-Choice Choose the best answer by circling one letter. Each correct answer is worth_ point(s) 1. If actual costs are greater than standard costs, there is a(n) a normal variance. b. unfavorable variance. cfavorable variance. d error in the accounting system 2. A total materials variance is analyzed in terms of a price and quantity variances. b. buy and sell variances. c quantity and quality variances. d tight and loose variances. 3. Assuming lower quality (inferior) material is purchased to save on price, which variance is mostly likely to occur? a Favorable materials quantity variance b. Favorable total overhead variance c Unfavorable controllable overhead variance d Unfavorable labor quantity variance 4. Variances from standards are a expressed in total dollars. b. expressed on a per-unit basis. c expressed on a percentage basis. d All of these answers are correct. 5. Labor efficiency is measured by the a materials quantity variance. b total labor variance. c labor quantity variance. d labor rate variance. Page Total Page Points