The Condition of Improper Data Yielding Misleading Results Is Referred

question 45

Multiple Choice

The condition of improper data yielding misleading results is referred to as

• A)garbage in, garbage out.
• B)break-even point.
• C)uncontrollable variable.
• D)postoptimality.

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Definitions:

Accounting Profit

The financial gain calculated by subtracting total explicit costs from total revenue, not considering implicit costs.

Economic Profit

The difference between a firm's total revenue and its total costs, including both explicit and implicit costs.

Accounting Profit

The total revenue of a business minus the explicit costs of operating the business.

Implicit Costs

The opportunity costs associated with a company's use of resources that are not directly paid for or billed.