Which of the Following Terms Are Synonymous

question 34

Multiple Choice

Which of the following terms are synonymous?

• A) Avoidable costs and irrelevant costs
• B) Unavoidable costs and incremental costs
• C) Sunk costs and relevant costs
• D) Joint costs and sunk costs

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Definitions:

Gasoline

A volatile flammable liquid derived from petroleum, used mainly as fuel in internal combustion engines.

Tax Levied

A compulsory financial charge or some other type of levy imposed on a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Tax Incidence Analysis

The study of who bears the burden of taxes, in terms of economic impact and how it affects different market participants.

Tax Payment

The process of making payments to a government authority for income earned, sales completed, or property owned.