On a Personal Balance Sheet,assets Can Be Identified as Belonging

question 5

Essay

On a personal balance sheet,assets can be identified as belonging to one of four categories.List each category and provide one example of each.

---

Definitions:

Average Total Cost

Average total cost is the total cost of production (fixed plus variable costs) divided by the total quantity produced, indicative of the cost per unit at different levels of output.

Average Variable Cost

The total variable cost per unit of output, found by dividing total variable costs by the quantity of output produced.

Fixed Cost

Costs that do not vary with the level of production or sales, such as rent, salaries, or insurance premiums.

Eyeglasses

Corrective or protective lenses mounted in a frame to aid vision or protect the eyes.