A ________ Is a Business That Is Owned by Only

question 258

Short Answer

A ________ is a business that is owned by only one person.

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Definitions:

Discretionary Fixed Costs

Those fixed costs that arise from annual decisions by management to spend on certain fixed cost items, such as advertising and research.

Committed Fixed Costs

Long-term fixed costs that cannot be easily altered in the short term, such as lease payments or insurance contracts.

Volume

The quantity or amount of something, often used in context with production, sales, or trading activities.

Mixed Cost

Expenses that have both variable and fixed components, varying with the level of production or sales to some degree.