An Employee May Remove the _________ from a Group Life

question 8

Multiple Choice

An employee may remove the _________ from a group life insurance policy from their estate by _________ their group life insurance policy to an irrevocable trust.

• A)Cash value / assigning.
• B)Cash value / transferring.
• C)Death benefit / assigning.
• D)Death benefit / transferring.

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Definitions:

Predetermined Overhead Rate

A rate used to allocate manufacturing overhead costs to products, calculated before the accounting period begins based on estimated costs and activity levels.

Traditional Costing

An accounting method that assigns overhead costs to products based on a standard measure, often leading to less accuracy in modern, complex manufacturing environments.

Direct Labor-Hours

The total hours worked by employees that are directly involved in the production process.

Unit Product Cost

Unit product cost is the total cost (including materials, labor, and overhead) divided by the total number of units produced, representing the cost per unit.