Fiat Money

question 84

Multiple Choice

Fiat money

• A)is money that would have no value if it were not usable as money.
• B)is illegal in most advanced, industrial countries.
• C)is usually some type of precious metal.
• D)will generally be accepted in trade for less than its face value.

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Definitions:

Material Price Variance

The difference between the actual cost of direct materials and the expected (standard) cost, indicating budgetary performance.

Direct Materials

Raw materials that can be directly attributed to the production of goods.

Variable Manufacturing Overhead

Costs that fluctuate with production volume, such as raw materials and direct labor.

Direct Labour Hours

The overall work hours of staff directly engaged in creating products.