The Fed Chair

question 44

Multiple Choice

The Fed chair

• A)is appointed by the president,with no approval from the Senate.
• B)serves a four-year term.
• C)rarely cares about monetary policy.
• D)has absolute authority over the Fed.
• E)All of these answers are correct.

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Definitions:

Budget Variance

Budget Variance is the difference between what was budgeted or planned for a particular period and what was actually spent or received.

Variable Overhead

Costs that vary in direct proportion to changes in levels of production or activity, such as materials and labor.

Rate Variance

The difference between the actual rate paid for something and the expected or standard rate, often used in budgeting and accounting.

Standard Machine-Hours

The predetermined amount of machine time expected to be used for a specific process or production activity, used for costing and efficiency measures.