In the Case of a Borrower Without a Credit Record

question 29

Short Answer

In the case of a borrower without a credit record or a very poor track record,a _______________ may be requested to support repayment.Technically if the borrower defaults on the payment,they are obligated to repay the loan.

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Definitions:

Labor Efficiency Variance

The difference between the actual labor hours used and the standard hours expected for a level of output.

Direct Labor Standards

Refer to the pre-determined amount of labor time and labor cost that should be used for producing a unit of product or service.

Work in Process Inventory

The value of goods in various stages of production within a manufacturing company, not yet completed as finished goods.

Raw Materials Used

The total cost or value of all primary materials consumed in the production process over a specified period.