A Characteristic of Consumer Loans Is That They

question 93

Multiple Choice

A characteristic of consumer loans is that they

• A)include a negotiated contract.
• B)are arrived at through a formal process.
• C)include a repayment schedule.
• D)are used to purchase big-ticket durable goods and other items.
• E)are all of these.

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Definitions:

Standard Quantities

Standard quantities refer to the predetermined amounts of material, labor, and overhead that should be used in the production of a good or service, serving as a basis for cost control and efficiency analysis.

Standard Rates

Predetermined costs or charges used for billing, budgeting, or for setting up baseline expectations for financial performance.

Standard Direct Materials Quantity

The amount of raw materials budgeted to be used in the production of goods, based on efficiency standards.

Waste And Spoilage

Materials or products that are lost, unusable, or less valuable due to inefficiencies or defects in the production process.