Marilyn Simms Died with a $200,000 Life Insurance Policy

question 6

Multiple Choice

Marilyn Simms died with a $200,000 life insurance policy.Her husband,Jack,was the primary beneficiary and their children,Mimi (age 24) and Ann (age 30) ,were the contingent beneficiaries.All three survived Marilyn.How would the policy proceeds be distributed?

• A)$200,000 to Jack
• B)$100,000 each to Mimi and Ann
• C)$100,000 to Jack and $50,000 each to Mimi and Ann
• D)$66,666 each to Jack, Mimi, and Ann
• E)$150,000 to Jack and $25,000 each to Mimi and Ann

Recognize the implications of operating outside the relevant range on cost estimates.

Understand the components and behavior of mixed costs.

Differentiate between types of costs based on their behavior (fixed, variable, semi-variable, and step costs).

Apply cost information in calculating and forecasting cost behavior in specific scenarios.

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Definitions:

Fraternity Initiation

Rituals and activities involved in the admission of new members into a fraternity, often characterized by various levels of social events, tasks, and sometimes hazing.

Behavioral Model

A theory in psychology that explains human behavior in terms of observable and measurable responses to external stimuli.

Abnormality

A deviation from the norm or average, often denoting a difference in psychological, physiological, or anatomical structure or function that may indicate disease or disorder.

Psychodynamic Model

A psychological perspective that emphasizes the systematic study of the psychological forces underlying human behavior, feelings, and emotions and how they might relate to early experience.