Using the "Nonworking" Spouse Method,what Should Be the Life Insurance

question 36

Multiple Choice

Using the "nonworking" spouse method,what should be the life insurance needs for a family whose youngest child is 8 years old?

• A)$50,000
• B)$70,000
• C)$80,000
• D)$100,000
• E)$180,000

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Definitions:

Responsibility Accounting

A financial recording system that accumulates, consolidates, and presents finance-related data pertaining to the obligations of specific managers or units.

Responsibility Centres

Segments within an organization for which individual managers are accountable, focusing on financial performance and operational efficiency.

Participative Budgeting

A budgeting process where workers at all levels are involved in setting budget goals and objectives, fostering collaboration and buy-in.

Top Management

The highest level of managerial staff responsible for setting strategic goals and leading an organization.