1. A ________ is an estimate of what revenues and costs should have been, given the actual level of activity for the period.

flexible budget

2. A ___________ is the difference between the actual total revenue and what the total revenue should have been, given the actual level of activity for the period

revenue variance

3. By definition, a ___________ is the difference between the actual amount of the cost and how much a cost should have been, given the actual level of activity.

spending variance

4. The ___________ defines the amount of direct materials that should be used for each unit of finished product, including an allowance for normal inefficiencies, such as scrap and spoilage.

standard quantity per unit

5. The __________ defines the price that should be paid for each unit of direct materials and it should reflect the final, delivered cost of those materials.

standard price per unit

6. The ______________ defines the amount of direct labor-hours that should be used to produce one unit of finished goods.

standard hours per unit

7. The _______________ defines the company's expected direct labor wage rate per hour, including employment taxes and fringe benefits

standard rate per hour

8. A _______________ shows the standard quantity (or hours) and standard price (or rate) of the inputs required to produce a unit of a specific product.

standard cost card

9. The ______________ for all three variable manufacturing costs is computed the same way. The standard quantity (or hours) per unit is multiplied by the standard price (or rate) per unit to obtain the standard cost per unit.

standard cost per unit

10. A _____________ is the difference between the actual amount paid for an input and the standard amount that should have been paid, multiplied by the actual amount of the input purchased.

price variance