The Fed

question 82

Multiple Choice

The Fed

• A)controls discount policy more completely than it controls open market operations.
• B)must abide by discount rates set by Congress.
• C)controls discount policy less completely than it controls open market operations.
• D)controls discount policy completely, just as it controls open market operations.

Grasp the concept of operating income and its calculation in a merchandising business.

Identify the primary components and terminology related to credit transactions.

Understand the perpetual and periodic inventory systems and their implications for financial accounting.

Recognize sales discounts and how they are recorded in accounting transactions.