1) What is the difference between a cost center and a profit center?

2) Describe the difference between a centralized and a decentralized management style.

3) What is the difference between traceable costs and common costs?

4) What are the four segments of a traditional balanced scorecard?

5) Annapolis Company completes job #601 which has a standard of 610 labor hours at a standard rate of $19.30 per hour. The job was completed in 590 hours and the average actual labor rate was $19.10 per hour. What is the labor rate variance? A negative number indicates an favorable variance and a positive number indicates an unfavorable variance.

6) Annapolis Company completes job #601 which has a standard of 500 labor hours at a standard rate of $19.00 per hour. The job was completed in 600 hours and the average actual labor rate was $19.70 per hour. What is the labor efficiency (quantity) variance? A negative number indicates an favorable variance and a positive number indicates an unfavorable variance.

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