A Consumer Who Notifies the Issuer of an EFT Card

question 52

True/False

A consumer who notifies the issuer of an EFT card within two (2) days after learning of a loss or theft of the card can be held to a maximum liability of $500 for unauthorized use of the card; failure to notify within this time will increase the consumer's liability for losses to a maximum of $5,000.

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Definitions:

Variable Overhead

Costs that vary with the level of production output, such as supplies and utility expenses associated with manufacturing operations.

Direct Materials

The raw materials directly used in the production of goods.

Direct Labor-Hours

The total time workers spend producing a product or service, directly involved in the manufacturing or production process.

Variable Overhead

Costs that fluctuate with the level of production output, such as utilities for a manufacturing plant, which increase as production increases.