Since in the U.S. the home currency is the dollar and the foreign currency is the euro, in New York USD 1.2174 = EUR 1.00 would be a direct quote on the euro and an indirect quote on the dollar

The reorder point is the inventory level at which action is taken to replenish the stocked item

Indicate whether the statement is true or false

The functional replacement provision in some property insurance policies is used when:

A) replacing a lost item is impossible B) replacing a lost item is much cheaper than expected C) replacing a building will cost much more than its market value D) an insured set of objects is collectively worth more than the sum of its individual components