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A young chef is considering opening his own sushi bar.To do so, he would have to quit his current job, which pays $20, 000 a year, and take over a store building that he owns and currently rents to his brother for $6, 000 a year.His expenses at the sushi bar would be $50, 000 for food and $2, 000 for gas and electricity.What are his implicit costs?
Sales Budget
A detailed plan that outlines projected sales for a future period, taking into account factors like marketing strategies and market conditions.
Sole Task
A sole task is a single duty or responsibility assigned to a person or a system.
Continuous Budgeting
A financial planning approach that involves continuously updating a budget by adding a new period as the current period is completed.
Revising Budgets
The process of reviewing and adjusting planned budgets based on actual performance and changing circumstances.
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