The Duty of Impartiality Is Owed by a Trustee To

question 9

Multiple Choice

The duty of impartiality is owed by a trustee to:

• A) The co-grantors of a trust, such as a married couple that establish a trust for their offspring
• B) The income beneficiary and remainderman of a split-interest trust
• C) The trustee and beneficiary of a spendthrift trust
• D) An individual who is both the grantor and the beneficiary of a blind trust established for his benefit

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Definitions:

Direct Labor Hours

Direct labor hours are the total hours worked by employees directly involved in the production of goods or services.

Overhead Rate

The rate at which indirect costs are allocated to produced goods or services.

Direct Labor Dollar

The total cost of wages paid to workers who are directly involved in the production of goods or delivery of services.

Rent Expense

The cost incurred for leasing or renting property or equipment, considered an operating expense in accounting.