
Variance Analysis Quiz
Quiz
•
Business
•
Professional Development
•
Practice Problem
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Medium
George Clegg
Used 1+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of variance analysis in a hospitality business?
To manage customer satisfaction
To analyze market trends
To monitor and control revenue and expenses
To calculate profit and loss
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a favorable variance indicate?
No impact on the business
Performance better than budget
Actual results did not meet the budget expectations
Significant investigation required
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In variance analysis, what is considered a significant variance?
Variances that warrant further investigation due to their impact on the business
Only favorable variances
Variances that are within 5% of the budgeted amount
Any difference between actual and budgeted results
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula to calculate expense variance in dollars?
Actual Expense x Budgeted Expense = Variance
Variance/Budgeted Expense = Variance Percentage
Variance/Actual Expense = Variance Percentage
Actual Expense - Budgeted Expense = Variance
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the cost of goods rose from $85,000 to $97,750, what is the percentage variance for the cost of goods expense?
20%
5%
15%
10%
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the activity driver in variance analysis?
The dollar value per unit
The number of units/quantity
The percentage difference from budgeted results
The impact on the business
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a variance in the unit rate called?
Volume variance
Expense variance
Cost variance
Price variance
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