Implicit Costs

question 293

Multiple Choice

Implicit costs

• A)do not require an outlay of money by the firm.
• B)do not enter into the economist's measurement of a firm's profit.
• C)are also known as variable costs.
• D)are not part of an economist's measurement of opportunity cost.

---

Definitions:

Reconciled Balance

The balance reported in the accounting records of an entity after adjustments, entries, and reconciliations have been made to the bank statement balance.

Bank Statement

A document provided by a bank that summarizes an account’s transactions and balance over a specific period.

Checkbook Balance

The amount of money currently available in a checking account, according to the account holder's records.

Outstanding Checks

Checks that have been written and recorded in the checkbook but have not yet been cleared or deducted from the bank account.