Nora and Owen Do Business as Property & Profit, a Real

question 15

Multiple Choice

Nora and Owen do business as Property & Profit, a real estate investment partnership. In acting on the firm's behalf, Nora takes advantage of an opportunity to make a secret profit. To her firm, Nora is liable for a breach of

• A)the duty of care.
• B)contract.
• C)the duty of loyalty.
• D)none of the choices.

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Definitions:

Labor Quantity Variance

Labor quantity variance measures the difference between the actual number of hours worked and the number of hours that should have been worked according to standards, multiplied by the standard hourly wage rate.

Direct Labor Hours

The total hours of work contributed by employees who are directly involved in the manufacturing process.

Normal Standards

Guidelines or benchmarks used for measuring or evaluating performance, quality, or compliance in various fields.

Production Contingencies

Unplanned or unexpected events that can affect the production process, requiring a company to adapt its resources or schedules.