Costs That Do Not Vary in Total During a Period

question 1

Multiple Choice

Costs that do not vary in total during a period even though the amount of service provided may be more or less than anticipated are called ___________ costs.

• A) common
• B) sunk
• C) fixed
• D) variable

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Definitions:

Voidable Contract

A contract that may be legally voided at the option of one of the parties due to reasons like fraud, duress, or misrepresentation.

Disinterested Directors

Board members who do not have a personal financial interest in a corporate decision, ensuring unbiased governance.

Quorum Of The Board

The minimum number of board members that must be present at a meeting to legally conduct business.

Nonprofit Corporation

A legal entity organized and operated for a collective, public or social benefit, rather than to generate profit for owners or investors.