Which of the Following Terms Refers to a Contribution by Those

question 51

Multiple Choice

Which of the following terms refers to a contribution by those jointly involved in a maritime venture to make good the loss by one of them for his voluntary sacrifice of a part of the ship or cargo to save the residue of the property and the lives on board, or for the extraordinary expenses necessarily incurred for the benefit and safety of all?

• A) dead freight
• B) maritime lien
• C) general average
• D) particular average

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Definitions:

Machine Hours

A measure of the amount of time a machine is operated, used in manufacturing to allocate costs to products based on machine usage.

Hooded Jacket

A type of apparel that includes a hood attached to it, often used for casual wear or protection against weather.

Departmental Overhead Rate

A calculation used to allocate overhead costs to specific departments, based on varying bases such as labor hours or machine hours.

Manufacturing Overhead Costs

Manufacturing overhead costs include all the indirect costs associated with producing goods, such as utilities, rent for production facilities, and maintenance expenses.