Which Banks Are Members of the Federal Reserve System

question 32

Multiple Choice

Which banks are members of the Federal Reserve System?

• A)Only national banks
• B)Only state banks
• C)National banks and some state banks
• D)Only bank holding companies

---

Definitions:

Manufacturing Overhead

All manufacturing costs other than direct materials and direct labor, including maintenance, utilities, and depreciation.

Work in Process

Work in process (WIP) refers to partially finished goods that are still in the production process, representing a component of inventory valuation in manufacturing and project management.

Underapplied

Refers to a situation where the allocated indirect costs are less than the actual indirect costs incurred, resulting in a cost discrepancy.

Manufacturing Overhead

All indirect costs associated with the production process, including utilities, depreciation, and maintenance of equipment.