When the Gold Standard Ended ________

question 122

Multiple Choice

When the gold standard ended ________.

• A) currency values were determined by supply and demand
• B) central banks sometimes manipulated exchange rates
• C) countries agreed to buy or sell their paper currencies for gold
• D) countries were free to adopt whatever exchange rate system best met their own requirements
• E) the dollar's value was allowed to fall on currency markets

---

Definitions:

Contract Loss

A financial loss encountered in a contract when the total costs exceed the revenue earned from the contract, typically recognized in construction or long-term projects.

Percentage-of-Completion Method

An accounting method used to recognize revenue and expenses of long-term contracts in proportion to the work completed.

Estimated Revenues

Projections of the amount of money a business expects to receive from its activities or sales within a specific period.

Cost-to-Cost Method

A method used in accounting for long-term contracts where revenue is recognized based on the percentage of project completion, estimated by comparing the costs incurred to the total expected costs.