Quiz: Using Variances to Improve Performance
WJEC Eduqas GCE A LEVEL in BUSINESS specification
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Building on what you've learned about budget variances and analysing outcomes, let's test how well you understand using variances to improve performance!
What does a favourable variance indicate?
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Which of the following are examples of using variances to improve performance? (Select all that apply)
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A {{blank0}} variance occurs when actual results are worse than expected, while a {{blank1}} variance occurs when actual results are better.
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Match the items on the left with their correct pairs on the right
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If the budgeted revenue was £50,000 and the actual revenue was £55,000, calculate the revenue variance.
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Which of the following is a benefit of analysing variances?
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What actions might a business take after identifying adverse variances? (Select all that apply)
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When analysing variances, a business might consider whether they are caused by {{blank0}} factors, such as market changes, or {{blank1}} factors, such as poor budgeting.
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