A Summary of Expected Costs for a Range of Activity

question 64

Multiple Choice

A summary of expected costs for a range of activity levels that is geared to changes in the level of productive output is the definition of a

• A)continuous budget.
• B)flexible budget.
• C)master budget.
• D)period budget.

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Definitions:

Implied Agency

A situation where an agency relationship is inferred from the actions of the parties rather than an explicit agreement.

Constructive Trust

A legal remedy imposed by a court to rectify situations where someone wrongfully holds property they should not benefit from.

Legal Right

A claim recognized and delimited by law for the purpose of securing it.

Fiduciary

A fiduciary is a person or organization that acts on behalf of another person or persons, putting their clients' interest ahead of their own, with a duty to preserve good faith and trust.