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Describe three of the five foundations and frameworks of ethics.
Fixed Costs
Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance premiums.
Variable Costs
Expenses that change in proportion to the activity of a business, such as raw material and labor costs.
Accounting Profit
The total revenue of a business minus the explicit costs and depreciation expenses, reflecting the net income on the financial statements.
Variable Costs
Costs that vary directly with the level of production or the volume of services provided.
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