Which of the following is FALSE?

1. A revenue variance is unfavorable if the revenue in the static planning budget is less than the revenue in the flexible budget.

2. A revenue variance is the difference between what the total sales revenue should be, given the actual level of activity of the period, and the actual total sales revenue.

3. The activity variance for revenue is favorable if the revenue in the flexible budget exceeds the revenue in the static planning budget.

4. An unfavorable activity variance for revenue indicates that activity was less than expected when the static planning budget was developed.