As of June 2013,the Consolidated Balance Sheet of the Federal

question 7

Multiple Choice

As of June 2013,the consolidated balance sheet of the Federal Reserve System included about ________ in assets.

• A) $3.5 trillion
• B) $2.0 trillion
• C) $1.5 trillion
• D) $500 billion

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Definitions:

Capacity

The maximum amount of work that an organization is capable of completing in a given period of time.

Variable Costing

A costing method that includes only variable manufacturing costs—direct materials, direct labor, and variable manufacturing overhead—in unit product costs.

Unsold Units

Inventory items that have been produced or acquired but have not yet been sold to customers.

Selling Price

The price at which a product or service is sold to customers, determined by factors like cost, demand, competition, and market conditions.