Which of These Statements Is True of the Board of Governors

question 4

Multiple Choice

Which of these statements is true of the board of governors of the Fed?

• A)The board of governors is appointed by the chair and serves a four-year term.
• B)The board of governors consists of six members plus the chair; the term length for members is fourteen years.
• C)The board of governors consists of six members; the term length is four years.
• D)The board of governors is elected once every eight years by the citizens of the United States.

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Definitions:

Sales Dollars

The total amount of revenue generated from the sale of goods or services, expressed in monetary units.

Common Fixed Expenses

Costs that do not change with the level of production or sales and are shared across different segments or products of a business.

Variable Costing

An accounting method that considers only variable costs for product costing, excluding fixed manufacturing overhead.

Unit Product Cost

The total cost to produce one unit of a product, including direct materials, direct labor, and allocated overheads.