A Sunk Cost Is a Cost That Was Incurred in the Past

question 192

True/False

A sunk cost is a cost that was incurred in the past and cannot be changed regardless of what future action is taken.

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Definitions:

Detailed Language

The use of precise and specific terms in communication or documentation to ensure clarity and reduce ambiguity.

Apparent Authority

A situation where a third party reasonably believes that an agent has the authority to act on behalf of a principal, even if the agent does not have such authority.

Principal

In a financial context, the principal is the initial amount of money borrowed or invested, excluding any interest or profit. In an educational setting, it refers to the head of a school.

Agent

An individual authorized to act on behalf of another, often in business or legal matters.