Use the Following to Answer Questions

question 29

Multiple Choice

Use the following to answer questions:
Suppose that the public holds 50% of the money supply in currency and the reserve requirement is 20%.Banks hold no excess reserves.A customer deposits $6000 in her chequable deposit.
-How many deputy governors are there at the Bank of Canada?

• A) 3
• B) 5
• C) 7
• D) 12

---

Definitions:

Standard Costs

Pre-determined or estimated costs used for cost control and decision-making purposes, often as a benchmark for measuring performance.

Direct Labor Rate Variance

The difference between the actual cost of labor and the expected (or standard) cost, used in budgeting and cost management.

Actual Costs

The expenses that a company has truly incurred as opposed to estimated or budgeted amounts.

Standard Costs

Predetermined costs for products or services, used as a benchmark to measure actual performance and manage budgets.