In Evaluating Your Credit Application,a Lender May

question 127

Multiple Choice

In evaluating your credit application,a lender may:

• A) ask your age.
• B)deny you credit if you are on public assistance.
• C)require your parent's address.
• D)not ask your social security number.
• E)discriminate against your race and nationality.

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Definitions:

Ending Inventory

The value of goods available for sale at the end of an accounting period, which will be carried over as the beginning inventory for the next period.

Variable Costing

An accounting method that only considers variable costs (costs that change with production volume) in the cost of production, excluding fixed costs.

Traditional Costing

A costing methodology that assigns overhead costs to products based on volume-related measures such as labor hours or machine hours.

Manufacturing Costs

The total expenses involved in the production of goods, including raw materials, labor, and overhead costs.