Which of the Following Is Characteristic of a Before-The-Fact Flexible

question 48

Multiple Choice

Which of the following is characteristic of a before-the-fact flexible budget?

• A)It calculates expected costs for various levels of activity.
• B)It is used for performance reports.
• C)It calculates what costs should have been for the actual level of activity.
• D)It is used to compare expected costs with actual costs.

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Definitions:

Bequest

A gift of personal property by will (from the verb to bequeath).

Residuary

Relating to the remainder of an estate after debts, specific bequests, and expenses have been accounted for.

Intestacy Laws

Legal provisions that dictate the distribution of a deceased person's estate in the absence of a will.

Per Stirpes

is a legal term used in wills and estate planning that describes how assets are divided among heirs, according to branches of the family.