A Person Who Executes Customer Orders to Buy and Sell

question 104

Multiple Choice

A person who executes customer orders to buy and sell securities on the floor of the NYSE is called a:

• A)floor trader.
• B)DMM.
• C)runner.
• D)commission broker.
• E)market maker.

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Definitions:

Variable Overhead

Costs that fluctuate with the level of production output, such as utilities or materials, unlike fixed overhead costs.

Total Overhead Variance

The difference between the actual overhead costs incurred and the overhead costs that were applied or allocated based on standard costing procedures.

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the quantity that should have been used, valued at the standard cost.

Direct Material

The raw materials that are directly traceable to the manufacturing of a product and constitute a significant portion of the production cost.