Answer:
1. <u>implicit cost</u>
2.<u> explicit cost</u>
3. <u>implicit cost</u>
4. <u>explicit cost</u>
Explanation:
Implicit costs refer to those costs that represent opportunity cost. In simple terms they are notional or those which haven't been actually incurred but considered.
Opportunity costs refer to the cost of sacrificed alternatives when an alternative is opted for. For instance, a student pursuing post graduation incurs implicit cost in the form of income foregone had he chosen to work instead for the same duration.
In the given case, the foregone rental income Jacques would've earned had he chosen to rent out his showroom represents opportunity cost or implicit cost.
Similarly, the salary Jacques sacrificed by working in boat business represents implicit cost.
The wages and utility bills that Jacques pays and wholesale cost which he pays represent costs which have actually been incurred, which are termed as explicit costs.
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Bank customers should reconcile their records frequently with bank statements to prevent their checks from bouncing. They should frequently check the record of their balance in the account and the transactions being made to make sure that th checks they issue will still be valid.
Answer:
Reward system
Explanation:
The reward system is the mechanism that a company uses to provide a compensation to their employees that can include salary, bonuses, equity and perks to keep them happy, maintain loyalty and increase motivation. This allows the company to have a strong team that is willing to work hard in their daily activities to achieve the company's goals.
According to this, the answer is that in many larger U.S. based firms the reward system match(es) the overall strategy of the firm and reinforce(s) the culture emerging from day-to-day activities because the reward system is established in a way in which it contributes to the appropiate implementation of the strategy to achieve the goals and it also helps strengthen the way in which people perform their activities.
Answer: d. it is necessary to relate variable cost data to the activity index chosen
Explanation:
The activity index shows how various activities have an impact on the cost of production.
When developing a flexible budget within a relevant range of activity, ome must relate variable cost data to the activity index chosen to ensure that it is indeed variable.
