An Opportunity Cost

question 117

Multiple Choice

An opportunity cost:

• A) Is an unavoidable cost.
• B) Requires a current outlay of cash.
• C) Results from past managerial decisions.
• D) Is the lost benefit of choosing an alternative course of action.
• E) Is irrelevant in decision making.

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Definitions:

Court Filing Deadlines

The specific dates by which documents must be filed with the court to ensure they are considered in a legal case.

Rule of Client Confidentiality

An ethical rule within legal practice requiring attorneys to keep information relating to the representation of a client confidential unless the client gives informed consent to disclose it.

Property Settlement

The division of property between spouses on the termination of a marriage.

Client Confidentiality

An ethical principle requiring attorneys to keep information related to their clients secret and not disclose it without the client's consent.