INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 151

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.
-When selling you a HO policy,your insurance agent will [require | suggest] that you prepare a personal property inventory.

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Monthly Rent

The periodic payment made by a tenant to a landlord for the use of premises.

Sunk Costs

Expenses that have already been incurred and cannot be recovered, and thus should not affect future decisions.

Accounting Methods

refer to the systematic techniques used to record, summarize, and report financial transactions of a business.

Variable Costs

Costs that change in proportion to the level of goods or services produced or sold.