Small Claims Courts

question 42

Multiple Choice

Small claims courts:

• A)hear only class-action suits.
• B)are located in every state.
• C)have no minimum dollar limit on claims.
• D)require the use of an attorney.
• E)require that claims be in excess of $100,000.

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Definitions:

Direct Labor

Direct labor refers to the wages paid to workers who are directly involved in the production of goods or services, such as assembly line workers.

Direct Materials

Raw materials that can be directly attributed to the production of goods, evident in the final product.

Work In Process

Refers to the materials, labor, and overhead costs incurred for products that are in the process of being manufactured but are not yet complete.

Cost Per Equivalent Unit

A calculation used in process costing that represents the cost associated with producing one unit of output, considering both completed items and partially completed items.