Which of the Following Are Generally Included in a Standardized

question 26

Multiple Choice

Which of the following are generally included in a standardized futures contract?
I. delivery date
II. quantity to be delivered
III. specific item to be delivered
IV. delivery location

• A)I and II only
• B)I, II, and III only
• C)II, III, and IV only
• D)I, III, and IV only
• E)I, II, III, and IV

---

Definitions:

Direct Labor

The cost of wages and benefits for workers who are directly involved in the production of goods or the provision of services.

Finished Goods Inventory

Inventory of finished goods available for sale but not yet purchased by customers.

Factory Overhead

Indirect costs associated with manufacturing operations, such as utilities, maintenance, and salaries of supervisory personnel.

Direct Materials Purchased

This involves the acquisition of raw materials that are directly used in the manufacturing of a product, constituting a significant portion of the production cost.