Identification -Shih Chi

question 126

Short Answer

Identification
-Shih Chi

Understand how factory labor costs and other direct costs are presented and accounted for.

Recognize the flexibility of process costing in accommodating various types of labor costs including direct and indirect labor.

Understand the distinction between financial and nonfinancial rewards and their impacts on life satisfaction.

recognize the diverse approaches to achieving healthy spirituality and its benefits.

---

Definitions:

Fractional Reserve Banking

A banking system in which only a fraction of bank deposits are backed by actual cash on hand and available for withdrawal, enabling banks to lend out more money than they hold.

Federal Reserve Banks

The 12 regional banks that, along with the Board of Governors, make up the Federal Reserve System, serving as the central banking system of the United States.

Paper Currency

Money in the form of banknotes, issued by the government or central bank as legal tender.

Unlimited

Having no restrictions or boundaries in quantity or scope.