By Adding Internal Costs to External Costs, We Determine the Total

question 245

Multiple Choice

By adding internal costs to external costs, we determine the total

• A) private cost.
• B) social cost.
• C) psychological cost.
• D) opportunity cost.

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Definitions:

Flexible Budget

An elastic budget that varies according to fluctuations in volume or operational activities.

Revenue

The total income generated by the sale of goods or services before any expenses are deducted.

Shipping Container

A large container designed for transport and storage of goods by various modes of transportation, including ship, rail, and truck.

Planning Budget

A budget prepared for a specific level of activity, used for planning purposes.