Each Member of the Board of Governors of the Fed

question 102

Multiple Choice

Each member of the Board of Governors of the Fed:

• A)is from the minority of the FOMC.
• B)can have twelve presidential appointments.
• C)is authorized to set reserve requirements by the Bank Acts of 1933 and 1935.
• D)serves one nonrenewable term.
• E)is elected by the member banks which own the Federal Reserve.

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Definitions:

Perpetual Inventory System

An inventory management method where updates to the inventory account occur continuously as transactions happen.

Weighted-Average Method

An inventory costing method that averages the cost of all similar goods available during the period.

Periodic Inventory

An inventory system where the inventory count and cost of goods sold calculations are conducted at specific intervals.

FIFO

FIFO (First-In, First-Out) is an inventory valuation method where goods first purchased or produced are the first ones sold.