Select the Appropriate Classification of Each of the Costs Listed

question 114

Multiple Choice

Select the appropriate classification of each of the costs listed below.Each classification may be used more than once, and it is possible that one or more of the classifications may not be used at all.
-Warehouse rental, under existing contract

• A)Variable cost
• B)Fixed cost

---

Definitions:

Third Party Beneficiary

An individual or entity that is not a direct party to a contract but stands to benefit from its execution or enforcement.

Certification

The process of verifying the authenticity, quality, or qualifications of something or someone through a formal statement or document.

Contractual Liability

The legal obligation arising from a contract that requires a party to compensate for any losses or damages incurred.

Competent and Professional

Refers to possessing the required skills, knowledge, and ethical standards expected in a professional setting.