Employees of Corporations Who Are Involved with Breaches of the Anti-

question 10

Multiple Choice

Employees of corporations who are involved with breaches of the anti- competitive provisions of the Competition and Consumer Act may be penalised for each breach by a fine of up to:

• A)$ 500 000.
• B)$ 100 000.
• C)$ 200 000.
• D)$ 1.1 million.

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Definitions:

Absorption Costing

The reporting of the costs of manufactured products, normally direct materials, direct labor, and factory overhead, as product costs.

Factory Superintendent's Salary

An operational cost, this is the compensation paid to the individual responsible for overseeing the production in a manufacturing plant.

Property Taxes

Levies imposed by a government on real estate or other property, based on the property's value.

Absorption Costing

An accounting method that includes all manufacturing costs (direct materials, direct labor, and both variable and fixed manufacturing overhead) in the cost of a product.