Which Is an Implicit Cost

question 257

Multiple Choice

Which is an implicit cost?

• A) material cost
• B) labor cost
• C) opportunity cost
• D) overhead cost

Develop strategies for bias-free communication when specific personal information is unknown.

Describe approaches for inclusive communication with individuals who have disabilities.

Apply principles of non-discriminatory language in business communications, specifically avoiding racism and ageism.

Understand the concept of the Flynn effect and its implications on the intelligence levels over generations.

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Definitions:

Internal Accounting Systems

The set of procedures and records that a company's management uses for financial planning, analysis, and decision making within the company.

Dysfunctional Results

Outcomes of processes or activities that negatively affect the goals or functioning of an organization.

External Failure Cost

Costs incurred when a defective product or service is discovered after delivery to the customer, including returns, repairs, and lost sales.

Prevention Costs

Costs incurred to prevent defective units before they are produced. For example, reengineering products or production processes.