The Number of Unliquidated Futures Contracts at Any Point in Time

question 52

Multiple Choice

The number of unliquidated futures contracts at any point in time is called:

• A) margin.
• B) open interest.
• C) hedged position.
• D) marked to market position.

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Definitions:

Materials Quantity Variance

The variance between the actual amount of materials utilized in manufacturing and the anticipated amount, multiplied by the established unit cost.

Raw Materials Price Variance

The difference between the actual cost and the standard cost of raw materials used in production.

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the expected amount of materials that should have been used, measured at the standard cost.

Labor Efficiency Variance

The deviation between the actual hours taken to produce a unit of output and the standard hours expected, multiplied by the standard labor rate.