Which of the Following Statements Is True

question 224

Multiple Choice

Which of the following statements is true?

• A)Opportunity cost = explicit cost - implicit cost.
• B)Total cost = fixed cost + implicit cost.
• C)Total cost = fixed cost + variable cost.
• D)Variable cost = wages + salaries + benefits.

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Definitions:

Performance Appraisals

The regular review and evaluation of an employee's job performance and overall contribution to an organization.

Piecework Rate

Rate of pay per unit produced.

Production Workers

Individuals involved in the manufacturing or assembly phase of production, responsible for operating machinery, building goods, and maintaining efficiency on the production line.

Straight Piecework Plan

A compensation system where workers are paid a fixed rate for each unit produced or action performed, regardless of time.