In a _____ Plan, an Employer Agrees to Provide a Specific

question 21

Multiple Choice

In a _____ plan, an employer agrees to provide a specific level of retirement pension, which is expressed as either a fixed dollar or a percentage-of-earnings amount that may vary (increase) with years of seniority in the company.

• A)defined benefit
• B)noncontributory benefit
• C)401(k)
• D)shared benefit

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Definitions:

Single Plantwide Overhead Rate

A costing method where a single overhead rate is used to allocate all manufacturing overhead costs to products, regardless of the department in which the costs were incurred.

Direct Labor Hours

The accumulated hours that employees dedicated to the manufacturing process or service provision have worked.

Fabrication Department

A specialized sector within manufacturing focusing on the construction and assembly of product parts or components.

Assembly Department

A section of a manufacturing facility where components are put together to form a finished product.