A revenue variance is favorable if the actual revenue exceeds what the revenue should have been for the actual level of activity of the period. True or False

True

Explanation:

Variance is the difference between actual and expected values. Whereas revenue variance is the difference between the Estimated revenue and actual revenue earned by the business.  

If the Actual revenue is more than the estimated revenue the variance between them is favorable.

If the Actual revenue is less than the estimated revenue the variance between them is unfavorable.

True

Explanation:

Variance is the difference between actual costs and budgeted or standard costs. Variance is said to be favourable when actual costs exceeds standard costs. When actual costs are less than standard costs, it is adverse. This rule applies to all forms of variance:- Sales, Production, Material, Expenditure, Revenue, labour, fixed and variable overheads, efficiency, volume, capacity and idle time variances.

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.