Why Was the World So Concerned About Greece Defaulting on Its

question 145

Multiple Choice

Why was the world so concerned about Greece defaulting on its debt?

• A) People were afraid Greece would be sold to another country to pay its debts.
• B) The U.S.government held a large quantity of Greek debt,so there was a concern that a Greek default would cause a U.S.default.
• C) Countries in the European Union held a large quantity of Greek debt,so there was a concern that a Greek default would cause other European countries to default.
• D) There were concerns that Greece would devalue its currency,leading to a severe recession.
• E) Greece is one of the largest consumers in the world,so there were fears that a Greek default would lead to a collapse in world demand.

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Definitions:

Actual Costs

The real costs incurred in the production, acquisition, or other activities of a business, as opposed to estimated or budgeted costs.

Standard Costs

An accounting practice where predetermined costs are used for calculating the cost of production, often for budgeting and performance evaluation purposes.

Direct Materials Quantity Variance

The difference between the actual quantity of materials used in production and the standard amount expected to be used, multiplied by the standard cost per unit of material.

Actual Costs

Expenditures that a company incurs, as opposed to estimations or budgeted amounts.