A(n) _____ Lien Arises When Someone Contributes Materials And/or Services

question 88

Multiple Choice

A(n) _____ lien arises when someone contributes materials and/or services to real estate, usually a building, and is not paid.

• A) general
• B) chattel
• C) surety
• D) mechanic's
• E) assayer's

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Definitions:

Direct Materials

Raw materials directly used in the manufacturing of a product, which can be directly attributed to the finished product.

Fixed Overhead

Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance, which are necessary for a business's operations regardless of output.

Variable Overhead

Costs that vary with production volume, such as utilities or materials used in production processes.

Fixed Overhead

A set of costs that do not vary with production volume, including salaries, rent, and insurance.