Some Credit Card Companies Will Waive the Annual Fee on a Credit

question 101

Multiple Choice

Some credit card companies will waive the annual fee on a credit card if

• A) you use the card infrequently.
• B) you carry a large balance from month to month.
• C) you pay your bills in a timely manner.
• D) Credit card companies never waive annual fees.

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Definitions:

Equivalent Unit

A term used in cost accounting to represent a unit of production in partially completed goods adjusted for the degree of completion.

Process Costing

An accounting method used when producing homogeneous products, calculating costs at each stage of production.

First-In, First-Out

An accounting method where the earliest stock added to inventory is recorded as sold first.

Equivalent Unit

An equivalent unit is a measure used in cost accounting to express the amount of materials or labor necessary to complete a partially finished product, relative to a finished product unit.