Scenario 13-13 Christine Is an Artist Who Creates Custom Cookie Jars. Her

question 87

Multiple Choice

Scenario 13-13
Christine is an artist who creates custom cookie jars. Her annual revenue from selling the cookie jars is $90,000. The annual explicit costs of the materials used to make the cookie jars are $54,000.
-Refer to Scenario 13-13. Christine could earn $6,000 per year preparing taxes. In calculating the economic profit of her cookie jar business, the $6,000 that Christine gives up is counted as part of her business's

• A)total revenue.
• B)explicit costs.
• C)implicit costs.
• D)marginal costs.

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Definitions:

Patient-Visits

A metric used in healthcare to quantify the number of interactions or consultations patients have with healthcare professionals or facilities.

Activity Measure

An activity measure, often used in cost accounting, quantifies the amount of work performed or the level of production activity achieved.

Revenue Variance

The difference between actual revenue and budgeted revenue, often analyzed to understand financial performance.

Spending Variances

Differences between the budgeted or planned amount of expenses and the actual amount spent.