If Your Business Earns $10,000 in Revenues, Has Explicit Costs

question 91

Multiple Choice

If your business earns $10,000 in revenues, has explicit costs of $7,000, and implicit costs of $5,000, your accounting profit is

• A) $2,000.
• B) -$2,000.
• C) $5,000.
• D) $3,000.

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Definitions:

Audit Interviews

Structured conversations conducted to assess compliance with policies, procedures, or standards.

Planned Termination

The process of ending a professional service or intervention in a deliberate and structured manner after achieving set goals.

Simultaneous Termination

The process of ending multiple aspects or components of a project, program, or therapeutic intervention at the same time.

Helping Relationship

A supportive and therapeutic interaction between a helper, such as a therapist or counselor, and an individual seeking assistance.