Lu's Application to Metro Bank for a Credit Card Is

question 51

Multiple Choice

Lu's application to Metro Bank for a credit card is denied. Lu can obtain information on his credit history in a credit agency's files under

• A)no federal law.
• B)the Equal Credit Opportunity Act.
• C)the Fair Credit Reporting Act.
• D)the Fair Debt Collection Practices Act.

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Definitions:

Fixed Manufacturing Overhead

Costs that do not change with the level of production, including salaries, rent, and insurance.

Labor Efficiency Variance

A discrepancy between the actual working hours and the expected standard hours, multiplied by the predetermined salary rate.

Direct Labor Standards

Direct labor standards are predetermined measures for the amount of labor time and cost that should be associated with producing a unit of product or performing a service.

Standard Cost Variances

The differences between the actual costs and the standard costs for manufacturing or service processes, used to control and manage expenses.