What Are the Two Distinct Forms of Corporate Tort Liability

question 61

Multiple Choice

What are the two distinct forms of corporate tort liability?

• A) direct and indirect
• B) primary and secondary
• C) primary and vicarious
• D) statutory and vicarious

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Definitions:

Factory Overhead Budget

A factory overhead budget estimates the total costs of all indirect manufacturing expenses expected during a specific period.

Direct Labor Hours

The total time workers spend directly manufacturing a product or providing a service, used in costing and operational efficiency analysis.

Fabrication Department

A division within a manufacturing facility where raw materials are assembled or processed into finished goods.

Activity-Based Cost

A costing method that assigns costs to products based on the activities they require, providing more accurate product costing.