As Far as Fineness and Weight Are Concerned, What Are

question 415

Multiple Choice

As far as fineness and weight are concerned, what are the London Bullion Market Association (LBMA) requirements for a "good delivery bar"?

• A) at least 995/1000 pure gold; weight between 350 and 430 fine ounces
• B) minimum 999.9/1000 pure gold; weight between 350 and 430 fine ounces
• C) at least 995/1000 pure gold; weight of 400 fine ounces
• D) minimum 995/1000 pure gold; weight of 400 fine ounces

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Definitions:

Rising Prices

An economic situation characterized by a general increase in the prices of goods and services.

Dollar-Value LIFO

An inventory valuation method that uses the dollar value of inventory rather than the physical count of goods, adjusting for inflation.

Current Cost

The cost to replace an asset or settle a liability at the current market rate, as opposed to its historical purchase price or book value.

Average Cost

A calculation that divides the total cost of goods available for sale by the total number of units available for sale, determining the cost per unit.