A Slip of Paper Used to Record Any Expense or Cost

question 63

Multiple Choice

A slip of paper used to record any expense or cost that is incurred on behalf of a client is called a(n)

• A) personal time diary.
• B) time slip.
• C) expense slip.
• D) nonbillable expense record.

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Definitions:

Steel

An alloy of iron and carbon, and sometimes other elements, known for its high tensile strength and ability to be shaped into various forms.

Total Cost Curve

A graphical representation that shows how the total cost of production changes as the quantity of output changes.

Output

In economics, this refers to the total amount of goods and services produced by an economic system over a given period.

Total Daily Cost

The complete sum of all expenses incurred by an individual or company in a single day, including both fixed and variable costs.