Select the Appropriate Definition for Each of the Items Listed

question 34

Multiple Choice

Select the appropriate definition for each of the items listed below.
-A benefit given up when one alternative is chosen over another

• A)period cost
• B)direct cost
• C)opportunity cost
• D)variable cost
• E)indirect cost
• F)fixed cost
• G)product cost

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Definitions:

Standard Hour Plan

A compensation strategy that pays workers based on the estimated time it should take to complete a task, with potential bonuses for efficiency.

Incentive Pay Plan

A compensation strategy that pays employees based on their performance or the achievement of specific business goals.

Gainsharing

A compensation strategy where employees receive benefits from improvements in the company's performance, such as increased productivity or cost savings.

Gainsharing

A performance-based compensation strategy that rewards employees for contributing to the company's success through efficiencies and improvements.