The Gramm-Leach-Bliley Act

question 16

Multiple Choice

The Gramm-Leach-Bliley Act:

• A) repealed the Riegle-Neal Interstate Banking and Branching Efficiency Act.
• B) repealed the Glass-Steagall Act's prohibition of mergers between commercial banks and insurance or securities firms.
• C) repealed the McFadden Act's restriction on bank branching.
• D) reinforced the Glass-Steagall Act's limitation on commercial banks' availability to merge with insurance or securities firms by increasing the penalties for doing so.

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Definitions:

Labor Efficiency Variance

The difference between the actual number of labor hours worked and the standard hours expected, multiplied by the standard labor rate.

Labor Rate Variance

The difference between the actual cost of labor and its expected cost based on standards or budgets.

Direct Labor Employees

Workers who are directly involved in the manufacturing of products, including those who operate machinery, assemble products, or perform manual labor that can be directly attributed to specific goods or services.

Favorable Variances

Differences between actual and budgeted or standard cost figures that are financially beneficial to a company.