Which One of the Following Represents an Economic,but Not an Accounting,cost

question 31

Multiple Choice

Which one of the following represents an economic,but not an accounting,cost of owning a restaurant?

• A)The interest foregone by the owner on the personal savings invested in the restaurant
• B)The labor hired used to operate the restaurant
• C)The linens used to cover tables
• D)The ingredients used to prepare the meals

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Definitions:

Relative Frequencies

The proportion of times a value occurs relative to the overall number of observations in a dataset.

Frequency Distribution

A representation, often in table or graph form, that displays the frequency of various outcomes in a sample.

Nominal Data

Data that are categorized without a natural order or ranking among the categories, used for labeling variables without quantitative values.

Pie Chart

A circular statistical graphic divided into slices to illustrate numerical proportion.