) "The difference between actual quantity of input used and the standard quantity used results in a: A) Standard variance. B) Price variance C Controllable variance D) Quantity variance E) Budget variance. E A 12) A budget based on several different levels of activity, often including both a best-case 12) and worst-case scenario, is called a: EA A) Production budget. B) Flexible budget C) Merchandise purchases budget. D) Rolling budget. E) Fixed budget. 13) Static budget is another name for: 13) A) Standard budget. B) Master budget. C) Variable budget. Di Fixed budget. E) Flexible budget. 14) Identify the situation below that will result in a favorable variance. 14) A) Actual revenue is lower than budgeted revenue. B) Actual revenue is higher than budgeted revenue. C) Actual income is lower than expected income. D) Actual expenses are higher than budgeted expenses. E) Actual costs are higher than budgeted costs. 15) A company's flexible budget for 12,000 units of production showed sales, $48,000: 15)_ variable costs, $18,000; and tixed costs, $16.000. The operating income expected if the company produces and sells 16,000 units is: A) $18,667 B) S2.667 C) $14,000. D) $35,000. E) $24,000. ) "The difference between actual quantity of input used and the standard quantity used results in a: A) Standard variance. B) Price variance C Controllable variance D) Quantity variance E) Budget variance. E A 12) A budget based on several different levels of activity, often including both a best-case 12) and worst-case scenario, is called a: EA A) Production budget. B) Flexible budget C) Merchandise purchases budget. D) Rolling budget. E) Fixed budget. 13) Static budget is another name for: 13) A) Standard budget. B) Master budget. C) Variable budget. Di Fixed budget. E) Flexible budget. 14) Identify the situation below that will result in a favorable variance. 14) A) Actual revenue is lower than budgeted revenue. B) Actual revenue is higher than budgeted revenue. C) Actual income is lower than expected income. D) Actual expenses are higher than budgeted expenses. E) Actual costs are higher than budgeted costs. 15) A company's flexible budget for 12,000 units of production showed sales, $48,000: 15)_ variable costs, $18,000; and tixed costs, $16.000. The operating income expected if the company produces and sells 16,000 units is: A) $18,667 B) S2.667 C) $14,000. D) $35,000. E) $24,000