Mixed Costs Are Fixed and Variable Costs That Are Recorded

question 98

True/False

Mixed costs are fixed and variable costs that are recorded in the same general ledger account.

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Definitions:

Deductibles

The amount an insured person is required to pay out of pocket before an insurance company covers any expenses.

Co-Payments

Fixed amounts that an insured person is required to pay at the time of receiving medical service, with the balance covered by their health insurance.

Third-Party Liability Insurance

Insurance coverage meant to protect against claims made by a third party for damages or injuries that the policyholder is responsible for.

Tort Liability

The legal responsibility that arises from the commission of a tort, which is an act or omission that gives rise to injury or harm to another and amounts to a civil wrong for which courts impose liability.