Designed to Create More Confidence in Banking Institutions, the FDIC

question 73

Multiple Choice

Designed to create more confidence in banking institutions, the FDIC was established

• A) soon after the Civil War.
• B) in 1908, as the result of the banking panic in 1907.
• C) in 1917, as the nation entered World War I.
• D) during the Great Depression of the 1930s.

---

Definitions:

Standard Costs

Pre-determined or estimated costs of products, labor, and materials or overhead for a particular period under normal conditions.

Kilos

A unit of measure equal to one thousand grams, commonly used worldwide to measure weight.

Cost System

A method or procedure adopted by a business to collect, classify, allocate, and report costs associated with its operations.

Work in Process

Inventory items that are in the production process but not yet complete.