In the Time Slips Journal, You Cannot Change -

question 34

Multiple Choice

In the time slips journal, you cannot change -

• A) how much time was required to complete each billable activity
• B) how much each customer was charged for the activity (the billable amount)
• C) whether an employee has been paid or not paid for the activity
• D) whether an activity is charged on the basis of actual or billable time

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Definitions:

Capital

Wealth in the form of money or other assets owned by a person or organization or available for purposes such as starting a company or investing.

Labor

Pertains to the utilization of human labor, encompassing both physical and intellectual efforts, in the creation of products and services.

Marginal Rate

Often referred to in the context of taxes or production, indicating the rate of increase or the additional cost or benefit of producing one more unit of a good.

Technical Substitution

The process of replacing one input or factor of production with another to maintain the same level of output.