{"id":56093,"date":"2024-04-16T00:38:40","date_gmt":"2024-04-16T00:38:40","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=56093"},"modified":"2024-04-16T00:38:40","modified_gmt":"2024-04-16T00:38:40","slug":"which-of-the-following-are-possible-causes-of-material-price-variance-1-change-in-market-price-2-use-of-poor-quality-of-material-3-inefficient-buying-4-untimely-buying-5-paying-overtime-for","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-are-possible-causes-of-material-price-variance-1-change-in-market-price-2-use-of-poor-quality-of-material-3-inefficient-buying-4-untimely-buying-5-paying-overtime-for\/","title":{"rendered":"Which of the following are possible causes of material price variance? 1. Change in market price. 2. Use of poor quality of material. 3. Inefficient buying. 4. Untimely buying. 5. Paying overtime for urgent work. 6. Use of substitute material of different prices. Select the correct answer"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a971d8f6cacc\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"true\">\r\n                    1, 3, 4 and 6                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    2, 3, 5 and 6                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    3, 4, 5 and 6                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    1, 3, 5 and 6                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is A. 1, 3, 4 and 6.<\/p>\n<p>Material price variance is the difference between the actual price paid for materials and the standard price that should have been paid. It can be caused by a number of factors, including:<\/p>\n<ul>\n<li>Change in market price: The market price of materials can fluctuate due to a number of factors, such as changes in supply and demand, changes in the cost of production, and changes in the value of the currency.<\/li>\n<li>Use of poor quality of material: Using poor quality materials can lead to higher costs, as the materials may not be as durable or may require more processing.<\/li>\n<li>Inefficient buying: Inefficient buying practices can lead to higher costs, as the company may not be getting the best possible prices for the materials it purchases.<\/li>\n<li>Untimely buying: Untimely buying can lead to higher costs, as the company may have to pay more for materials that are in short supply.<\/li>\n<li>Paying overtime for urgent work: Paying overtime for urgent work can lead to higher costs, as overtime rates are typically higher than regular rates.<\/li>\n<li>Use of substitute material of different prices: Using substitute materials of different prices <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> can lead to higher costs, as the substitute materials may not be as efficient or may require more processing.<\/li>\n<\/ul>\n<p>Of the options listed, only options 1, 3, 4, and 6 can cause material price variance. Option 2, use of poor <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> quality of material, can cause material cost variance, but not material price variance. Option 5, paying overtime for urgent work, can cause labor cost variance, but not material price variance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[952],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Which of the following are possible causes of material price variance? 1. Change in market price. 2. Use of poor quality of material. 3. Inefficient buying. 4. Untimely buying. 5. Paying overtime for urgent work. 6. Use of substitute material of different prices. 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