A Promise of Future Payment Issued by a Firm Guaranteed

question 89

Multiple Choice

A promise of future payment issued by a firm guaranteed by a bank is called a(n)

• A) bill of exchange.
• B) commercial letter of credit.
• C) banker's acceptance.
• D) documentary draft.

Apply variance analysis to make informed decisions about budget adjustments and operational improvements.

Understand how to calculate materials quantity variance.

Understand how to calculate labor rate variance.

Identify what constitutes a favorable (F) versus unfavorable (U) variance.

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Definitions:

Downsizing

The reduction of an organization's workforce to cut costs and improve efficiency, often resulting in job losses.

Surplus Labor

Refers to the portion of labor capacity that exceeds the necessary labor for producing a desired output.

Referrals

People who apply for a vacancy because someone in the organization prompted them to do so.

Vacancy

An unoccupied position or job opening within an organization.