What Is the Term for What You Give Up to Obtain

question 177

Multiple Choice

What is the term for what you give up to obtain an item?

• A) opportunity cost
• B) implicit cost
• C) applied cost
• D) variable cost

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Definitions:

Credit Sales

Sales made on credit, allowing buyers to pay at a later date, usually generating accounts receivable for the seller.

Discount Period

The time frame between the date of the sale and the due date when a discount is available for payment of an invoice.

Merchandise Return

A process in which customers return purchased goods to the seller due to defects, dissatisfaction, or other reasons.

Sales Returns

Transactions in which customers return goods previously purchased and receive a refund or credit.