New Activity
Ico create Educaplay New Activity
All the activities
Play Froggy Jumps
1. What is the definition of cost?
A
The monetary value of goods and services that producers and consumers purchase
B
The amount of money paid to suppliers
C
The total expenses incurred by a business
2. What is the difference between accounting cost and economic cost?
A
Accounting cost includes the price of raw materials, while economic cost includes wages to workers
B
Accounting cost includes the rent of the building, while economic cost includes interest on capital
C
Accounting cost includes all payments made by the entrepreneur to suppliers, while economic cost inc
3. What are outlay costs?
A
The monetary reward for factors owned by the entrepreneur
B
Actual expenditure of funds
C
The payments made by the entrepreneur to suppliers
4. What are direct or traceable costs?
A
The monetary reward for factors owned by the entrepreneur
B
Costs that are readily identified and traceable to a particular product operation or plant
C
The payments made by the entrepreneur to suppliers
5. What is an example of an accounting cost?
A
Interest on capital
B
Managerial skill put forth in own business
C
Wages to workers
6. What is an example of an economic cost?
A
Wages to workers
B
Price of raw material
C
Interest on capital
7. What is an example of an outlay cost?
A
Rent
B
Interest on capital
C
Managerial skill put forth in own business
8. What is an example of a direct or traceable cost?
A
Interest on capital
B
Labor cost
C
Managerial skill put forth in own business
9. Which cost includes all the payments and charges made by the entrepreneur to the suppliers of various productive factors?
A
Accounting cost
B
Economic cost
C
Outlay cost
10. Which cost includes the monetary reward for all factors owned by the entrepreneur himself and employed by him in his own business?
A
Accounting cost
B
Outlay cost
C
Economic cost