Time: About 15 minutes.

Exhibit C is Harbor Oak’s Budget v. Actual report for March 2026, with year-to-date columns from July through March.

1. List the three largest favorable variances for March. Write one sentence explaining each.
2. List the three largest unfavorable expense variances. Mark each one as explainable or needing a question.
3. Compare the March and YTD columns for Tuition Discounts. Is this a one-month event or a pattern?

Keep Exhibit C open for the Lesson 4 Quiz.