In 1932,Franklin Roosevelt's Promise of a "New Deal" for America

question 34

Multiple Choice

In 1932,Franklin Roosevelt's promise of a "new deal" for America included a commitment to

• A)spend billions of dollars to assist in the economic recovery.
• B)provide relief jobs to millions of unemployed Americans.
• C)pass legislation establishing a nationwide program of social security.
• D)both spend billions of dollars to assist in the economic recovery,and provide relief jobs to millions of unemployed Americans.
• E)None of these answers is correct.

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Definitions:

LIFO Inventory

A method of inventory valuation where the most recently produced or acquired items are recorded as sold first, standing for Last In, First Out.

Absorption Costing

An accounting method that includes all manufacturing costs (direct materials, direct labor, and both variable and fixed overhead) in the cost of a product.

Variable Costing

A costing approach where variable costs are assigned to inventory and fixed costs are treated as expenses in the period they are incurred, focusing on the costs that change with production levels.

Absorption Costing

An accounting method that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed overhead - in the cost of a product.