Costs That Have Already Been Incurred, and Which Cannot Be

question 140

Multiple Choice

Costs that have already been incurred, and which cannot be recovered, are known as

• A)short-run fixed costs.
• B)implicit costs.
• C)unavoidable costs.
• D)sunk costs.

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Definitions:

Old Age Survivors and Disability Insurance (OASDI)

A federal program in the United States that provides benefits to retired individuals, survivors of insured workers, and disabled individuals.

Hospital Insurance (HI)

A form of health insurance that covers hospitalization, certain types of surgery, and additional inpatient services.

Cumulative Wages

The total amount of wages earned by an employee over a specified period, including all bonuses, overtime, and other earnings.

Taxable

Refers to income, goods, or services subject to taxation under the laws of a tax jurisdiction.