An Administrator Differs from an Executor of a Will in That

question 32

Multiple Choice

An administrator differs from an executor of a will in that an administrator

• A) has fiduciary responsibility for real property.
• B) has fiduciary responsibility for personal property.
• C) has fiduciary responsibility in a testate distribution.
• D) is appointed by the court.

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Definitions:

Output

The total amount of goods and services produced by a firm or country.

Average Fixed Costs

The fixed expenses of a business divided by the number of units produced, demonstrating how those costs dilute with increased production.

Implicit Costs

The opportunity costs of using resources owned by the firm for its own production instead of earning income from these resources elsewhere.

Explicit Costs

Direct, out-of-pocket payments made for operations or production, such as wages, rent, and materials.