All of the Following Are Acceptable Types of Documentation for a Household

question 109

Multiple Choice

All of the following are acceptable types of documentation for a household inventory except

• A) Photographs with dates purchased and values of objects listed on the backs.
• B) Video recordings of assets.
• C) Written listings of items, purchase prices, and assets.
• D) Computerized spreadsheets with details about the items and their ages and costs.
• E) A listing of items and their details in your memory.

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Definitions:

Opportunity Costs

The cost of forgoing the next best alternative when making a decision.

Explicit Costs

Direct, out-of-pocket payments for goods or services used in the production of a product or service.

Production Costs

The total expenses incurred in the process of producing or manufacturing goods and services, including materials, labor, and overhead.

Opportunity Costs

Opportunity costs represent the benefits a person or business misses out on when choosing one alternative over another.