Explain How a Brand Is Different Than a Product

question 76

Essay

Explain how a brand is different than a product.

Understand the legal implications of actions taken by members or managers in a member-managed LLC.

Recognize different shareholder voting rights and mechanisms within a corporation.

Identify the responsibilities and liabilities of corporate managers and directors under the duty of care, loyalty, and obedience.

Comprehend the impact of specific laws and trends on corporate listings and governance in the U.S.

---

Definitions:

Direct Labor-Hours

The total hours of labor directly involved in producing goods or services, which is often used as a base for allocating overhead costs.

Variable Manufacturing Overhead

Costs that vary with the level of manufacturing activity, including items like indirect materials and utilities.

Fixed Manufacturing Overhead

These are the manufacturing costs that do not vary with the volume of production, including costs like rent, insurance, and salaries for certain employees.

Machine-Hours

The total hours that machinery is operational and in use on the production floor.