General and Administrative Costs Are Usually Allocated as a Percent

question 71

True/False

General and administrative costs are usually allocated as a percent of the total of a direct cost which includes labor, materials, or equipment.

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Definitions:

Retributive Reciprocity

A principle often found in social relations where actions, good or bad, are returned with actions of a similar kind, akin to the concept of "an eye for an eye."

Reciprocity

The exchange of goods and services, of approximately equal value, between two parties.

Social Obligations

Social obligations refer to the duties or responsibilities imposed by society upon its members, which could involve participating in community service, adhering to societal norms, or fulfilling familial roles.

Making Profits

The process of generating financial gain from business activities after subtracting all expenses, taxes, and costs.