Terms to Learn

This chapter and the Glossary at the end of the text contain definitions of the following important terms:

1. benchmarking
2. budgeted performance
3. direct manufacturing labor mix variance
4. direct manufacturing labor yield variance
5. efficiency variance
6. favorable variance
7. flexible budget
8. flexible-budget variance
9. management by exception
10. price variance
11. rate variance
12. sales-volume variance
13. selling-price variance
14. standard
15. standard cost
16. standard input
17. standard price
18. static budget
19. static-budget variance
20. unfavorable variance
21. usage variance
22. variance