Select the Appropriate Definition for Each of the Items Listed

question 60

Multiple Choice

Select the appropriate definition for each of the items listed below.
-The set of activities required to design, develop, produce, market, and deliver products and services to customers

• A)Financial accounting
• B)Managerial accounting
• C)Planning
• D)Controlling
• E)Decision making
• F)Value chain
• G)Continuous improvement
• H)Line positions
• I)Time
• J)Total quality management
• K)Lean accounting
• L)Staff positions
• M)Controller
• N)Treasurer
• O)Ethical behaviour

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Definitions:

External Costs

Costs incurred by someone who does not participate directly in a transaction or activity, often relating to environmental or societal impacts.

Socially Optimal

A condition or point at which the total benefits to society are maximized, often considered in the context of production or distribution of goods and services.

Negative Externality

A cost that affects a party who did not choose to incur that cost, often seen in environmental pollution where the public bears the cost not reflected in the market price.

Lawn Mowing

Lawn mowing refers to the act of cutting or trimming the grass in a lawn to maintain its appearance and health, often performed as a routine landscaping activity.