The standard labor rate is:

-the amount of time that workers should take to produce a single unit of product.

-the expected hourly cost of labor, excluding employee taxes and benefits.

-the amount of time that workers should take to produce a single unit of product times the expected hourly cost of labor.

-the expected hour cost of labor, including employee taxes and benefits.

When completing a variance analysis, we describe variances as ( ) or ( )

-good;bad.

-Favorable; unfavorable

-ideal; less than ideal

-positive; negative

How do managers and companies set price and quantity standards?

-based on the ideal budget created for the operating division.

-based on prior period variances.

-based on historical data, industry averages, and the results of process studies.

-based on managers previous experience at another company.

Creating a budget is an important part of which phase of the planning and control process?

-implementing

-controlling

-executing

-planning