During Sporting Events at the Local High School,Megan Runs a Concession

question 167

Multiple Choice

During sporting events at the local high school,Megan runs a concession stand.The costs associated with the purchase of hot dogs,mustard,relish,ketchup,chips,sodas,paper napkins,and cups are all examples of what type of costs?

• A) fixed
• B) variable
• C) liquidity
• D) promotional

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Definitions:

Income

The money received, especially on a regular basis, for work or through investments.

Fair Insurance Policy

An insurance contract that is considered equitable, offering reasonable terms, coverage, and protection for all parties involved.

Premium

The amount paid for an insurance policy or the difference above the nominal or face value of a security.

Expected Value

The predicted value of a variable, calculated as a sum of all possible values each multiplied by the probability of its occurrence.