The Gramm-Leach-Bliley Act Repealed the Prohibition of Any One Institution

question 71

True/False

The Gramm-Leach-Bliley Act repealed the prohibition of any one institution from offering investment, commercial banking, and insurance services. It also included three key rules that affect personal privacy: financial privacy rule, safeguards rule, and pretexting rule.

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Definitions:

Activity-Based Costing

A method of allocating overhead and indirect costs to specific activities, providing more accurate product or service costing.

Production Stage

A specific phase in the manufacturing process where raw materials are transformed into finished goods.

Cost Driver

A factor that creates or drives the cost of activities and services, used in activity-based costing to allocate costs accurately.

Just-In-Time Purchasing

A purchasing strategy where materials are ordered and received only as they are needed in the production process, minimizing inventory costs.