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Which one is not one of the three major elements of product costs? A) direct materials B) variable costs C) direct labor D) manufacturing overhead - Answer B) variable costs Which cost is not a period cost? A) the salary of the company president's secretary B) janitorial service for factory offices C) depreciation of an office copy machine D) sales commissions E) the cost of a general accounting office - Answer B) janitorial service for factory offices The variable c...

Prime Cost - Answer Direct Materials + Direct Labor Conversion Cost - Answer Direct Labor + Manufacturing Overhead Product Cost - Answer Direct Materials + Direct Labor + Manufacturing Overhead Period Cost - Answer Selling Expense + Admin Expense Variable Manufacturing Cost - Answer Direct materials + Direct labor + Variable manufacturing overhead examples of manufacturing overhead - Answer indirect materials, indirect labor, depreciation of manufacturing equipme...

Master Budget - Answer The master budget communicates management's plans throughout the organization, allocates resources, and coordinates activities. What are budgets used for? - Answer planning and control Planning - Answer involves developing goals and preparing various budgets to achieve those goals Control - Answer gathering feedback to ensure plan is properly executed or modified as factors of change occur What are budgets/framework - Answer is a detailed quan...

flexible budget - Answer takes into account changes in cost due to changes in an activity. tells what costs or revenue it should have been for a given lvl of activity good for -measure performance -identify discrepancies between budget & actual costs unlike a planning budget where has set lvl of activity at start of period (static planning). is good for -planning but not evaluating performance (unless similar to both) how flexible budget works - Answer compare what actually...

Prime Costs - Answer Direct Materials + Direct Labor Conversion Costs - Answer Direct Labor + Manufacturing Overhead Cost of Goods Manufactured - Answer Beg. WIP+ Direct Materials + Direct Labor + Manufacturing Overhead - End WIP Finished Goods - Answer Beg. WIP + Direct Materials + Direct Labor + Manufacturing Overhead - End WIP Cost of Goods Sold - Answer Beg. Finished Goods + Cost of Goods Manufactured - Ending Finished Goods Raw Materials used in Production - An...

1 Exam (elaborations) NYS rules and regulations pertinent to life insurance Test Questions and Actual Answers 2026/2027 Updated. 2 Exam (elaborations) NY Life -Chapter 3 Life Insurance Policies Study Guide Questions and Actual Answers 2026-2027 Updated. 3 Exam (elaborations) NY Life Insurance Exam Chapter 4 Questions and All Solved Solutions 2026

In regards to technology and the ACA, which of the following is true? - Answer States which operate with an exchange must offer an internet-based portal the time after issuing a policy during which an insurance company my contest a life insurance claim due to the statements on an application is - Answer 2 years In New York, a group accident and health certificate of insurance must contain - Answer a summary of policy features and benefits Starting in 2016, businesses with up to...

What type of whole life insurance policies only requires a payment of premium at its inception, and in addition to providing insurance protection for the life of the insured, endows at the insured's age 100? - Answer Single premium whole life A whole life policy that requires that the policyowner only pays premiums for a specified number of years is known as what kind of policy? - Answer Limited pay whole life An individual has just borrowed $10,000 on a five year note from his ba...

Provisions - Answer stipulate the rights and obligations of an insurance contract and are fairly universal from one policy to the next. Riders - Answer modify provisions that already exist and are used to increase or decrease policy benefits and premiums. Options - Answer offer insurers and insureds ways to invest or distribute a sum of money available in a life policy. Ownership - Answer the parties to the insurance contract are the insurer, the policy owner, the insured an...

The primary purpose of a rating service company is... - Answer to determine the rated insurance company's financial strength The accounting measurement of an insurer's future obligations to its policyholders is called its... - Answer reserves Indicates a company's ability to make unpredictable payouts. - Answer Liquidity A nonparticipating company is sometimes called a(n)... - Answer A stock insurer is referred to as a nonparticipating company because policyholders ...

According to the Affordable Care Act, any plan in existence prior to which date is considered a grandfathered plan? - Answer March 23, 2010 Which of these factors help determine an insured's life insurance premium? - Answer avocation (hobby) Long-Term Care policies may provide coverage for claims arising from - Answer senile dementia When replacing a life insurance policy, an agent must provide the applicant with a - Answer Notice Regarding Replacement All of the follo...

estate - Answer purchase of life insurance creates an immediate_____. 60 - Answer qualifies for retirement benefits as early as age____. buy- sell - Answer a _____ agreement is a legal contract that determines what will be done with a business in the event that the owner dies or becomes siabled. business continuation plan - Answer this plan is an arrangement between business owners that provides for shares owned by any one of them who dies or becomes disabled to be sold and ...

Insurance - Answer The transfer of risk of loss form an individual or a business entity to an insurance company, which, in turn, spreads the costs of unexpected losses to many individuals. Risk - Answer the uncertainty or chance of loss occurring Pure Risk - Answer refers to situations that can only result in a loss or no change. THIS IS THE ONLY TYPE OF INSURABLE RISK Speculative Risk - Answer involves the opportunity for either loss or gain. YOU CANNOT INSURE SPECULATIVE R...

According to the entire contract provision, what document must be made part of the insurance policy? - Answer Copy of the original application Which of the following will NOT be an appropriate use of a deferred annuity? - Answer Creating an estate. "Whose responsibility is it to make certain that an application for insurance is filled out completely and correctly?" - Answer The producer A policyowner cancels his life policy but instructs the insurance company to transfer ...

What is the difference between pure and speculative risk? - Answer Pure risk refers to situations that can only result in a loss or no charge. There is no opportunity for financial gain. Pure risk is the only type of risk that insurance companies are willing to accept. What is the definition of a peril? - Answer A peril is the cause of a possible loss. What is adverse selection? - Answer the tendency of persons with a higher-than-average probability of loss to purchase and maintai...

An agent who sells an individual life insurance policy in New York MUST deliver to the policy owner a(n) - AM Best rating - Financial report from the previous year - Policy Summary and Buyer's Guide - Letter showing NAIC compliance - Answer Policy Summary and Buyer's Guide Which of these is not considered to be a risk factor in life insurance underwriting? - Number of children - Health history - Hobbies - Occupation - Answer Number of Children All of these are settleme...

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Progressive Overload - Answer To progressively challenge the body and put it under stress, so that it will continue to make physiological changes to cope with the new demands placed upon the body. Reversibility - Answer Use it or lose it syndrome. When the body stops doing physical activity over a time and looses the work put in. All fitness components will decrease. Aerobic Fitness is loss quicker Specify - Answer Training for what you play. eg. If you run marathons, dont go and ...

Physical education students who are learning a new motor skill benefit from observing the skill modeled by the teacher and students who are competent in the skill. In which of the following ways can the teacher optimize observational learning to promote students' development of a new motor skill? A) by providing students with generalized praise frequently during their initial attempts at performing the skill B) by explaining the spatial and sequential requirements of the skill using an in...

Positive transfer of learning - Answer the skill you learned in one activity positively affects your ability to master a new activity Rhythmic skill - Answer basis of dance and music and the purpose of this type of skill is so that a student learns to move effectively while developing a sense of rhythm Biomechanical principles - Answer Center of gravity Inertia Stability Balance Force Buoyancy Acceleration Steps to introducing a new skill - Answer 1. Introduce the...