Define a Variable Cost and a Fixed Cost

question 124

Essay

Define a variable cost and a fixed cost.What causes changes in these costs? Give two examples of each.

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Definitions:

Risk Of Loss

The potential for an investment or transaction to result in a financial loss.

Negotiable Instrument

A financial document that guarantees the payment of a specific amount of money, either on demand or at a set time, with the payer named on the document.

Contract Silent

A scenario where a contract does not specify terms or conditions regarding a particular aspect or issue.

Voidable Title

A legal term indicating that a transfer of ownership may be declared invalid by a court, typically because of fraud or misrepresentation at the time of transaction.