Explicit costs - Study guides, Class notes & Summaries

Opportunity Cost Correct Answer-The cost of a good measured by the alternative uses that are foregone by producing the good. Accounting Cost Correct Answer-The actual cost paid for inputs Economic Cost Correct Answer-The amount required to keep an input in its present use or the amount that input would be worth in its next best alternative use. Labor Costs Correct Answer-Costs involving the compensation of employees for their labor - Wage payments are an explicit costs -Wage rate is...

Test Bank for Entrepreneurial Finance 7e 7th Edition by Chris Leach, Ronald W. Melicher ISBN-13: 2043 Full Chapters test bank included PART 1: The Entrepreneurial Environment CHAPTER 1: Introduction to Finance for Entrepreneurs 1.1 The Entrepreneurial Process 1.2 Entrepreneurship Fundamentals 1.3 Sources of Entrepreneurial Opportunities 1.4 Principles of Entrepreneurial Finance 1.5 Role of Entrepreneurial Finance 1.6 The Successful Venture Life Cycle 1.7 Financing Through the Vent...

WGU C718 Full Study Guide Questions | 104 Questions with 100% Correct Answers | Verified | Latest Update | 25 Pages What is the definition of economics? - Answer ️️ -the study of how humans make decisions in the face of scarcity What are economic and accounting profits? - Answer ️️ -Accounting - profit computed using only explicit costs Total revenue - Explicit costs = accounting profit Economic - profit computed using explicit and implicit costs Total revenue - Explicit costs -...

Capital Budgeting Process (+1 year): Steps o :## Step 1. Generate Ideas (most important step) o Step 2. Analyze individual proposals (CF forecast) o Step 3. Plan the capital budget (plan capital budget, strategic within company) o Step 4. Monitor and post-audit (follow up) Capital Budgeting Process & Projects o :## Process of identifying and evaluating capital projects, projects where cash flow to the firm will be received over a period longer than a year Capital Budgeting Process: Pr...

Peregrine Exam Prep (Latest 2023/ 2024 Update) Questions and Verified Answers| 100% Correct Q: What is the difference between an implicit cost and an explicit cost? Answer: An implicit cost is present but it is not initially shown or reported as a separate cost. An explicit cost is a cost that is present and it is clearly shown or reported as a separate cost. Q: What is the difference between stocks and bonds? Answer: Stocks, or shares of capital stock, represent an owne...

WGU C718 Full Study Guide | 104 Questions and Correct Solutions 2024 What is the definition of economics? - Answer -the study of how humans make decisions in the face of scarcity What are economic and accounting profits? - Answer -Accounting - profit computed using only explicit costs Total revenue - Explicit costs = accounting profit Economic - profit computed using explicit and implicit costs Total revenue - Explicit costs - Implicit costs = Economic profit What are the characteristic...

WGU C718 Full Study Guide Questions Rated A+ What is the definition of economics? the study of how humans make decisions in the face of scarcity What are economic and accounting profits? Accounting - profit computed using only explicit costs Total revenue - Explicit costs = accounting profit Economic - profit computed using explicit and implicit costs Total revenue - Explicit costs - Implicit costs = Economic profit What are the characteristics of an oligopoly? 1) few firms 2) barriers to ent...

WGU C211 Global Economics for Managers Test Bank |300+ Questions and Verified Answers| 100% Correct (Latest 2023/ 2024) Q: Economic profit is distinct from accounting profit because: Answer: Economic profit incorporates both explicit and implicit costs. Q: Total costs include: Answer: Variable costs plus fixed costs. Q: Marginal costs consider: Answer: The increase in total cost arising from an extra unit of production. Q: What response...

An individuals value for a good or service is the correct answers Amount of money he or she is willing to pay The biggest advantage of capitalism (free market system) is that correct answers It creates wealth by letting a person follow his or her own self-interest Wealth-creating transactions are more likely to occur correct answers With private property rights With strong contract enforcement With black markets d. a and b Government Regulation correct answers Provides incentives to ...

ECON102 EXAM #3 QUESTIONS AND ANSWERS 100% SOLVED Explicit costs: A. measure the opportunity costs of the business owners. B. are always fixed in the short run. C. measure the payments made to the firm's factors of production. D. are always variable in the short run. ️️C. measure the payments made to the firm's factors of production. If you were to start your own business, your implicit costs would include: A. rent that you have paid in advance for use of a building. B. the opp...