Of the Following Types of Data, Which One Is NOT

question 3

Multiple Choice

Of the following types of data, which one is NOT required to be reported for each application for an originated loan subject to Regulation C?

• A) Purpose of the loan
• B) Race, ethnicity, and sex of the applicant
• C) Type of action taken and the date
• D) The interest rate on the loan

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Definitions:

Work In Process

Inventory that includes goods partially completed; represents raw materials, labor, and overhead costs incurred in the manufacturing process.

Production Departments

Divisions within a manufacturing company responsible for different stages of the production process.

Direct Materials

Raw materials that can be directly traced to the production of a specific good or service in manufacturing or production.

Factory Overhead

Factory overhead refers to the indirect manufacturing costs not directly tied to the production of goods, such as utilities or management salaries.