Answer:
If I recall it may be called Revenue.
Explanation:
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Answer:
Work Breakdown Structure (WBS)
Explanation:
Note that, <em>the statement of work (SOW</em>) is usually used in project management to define project-specific activities, deliverables etc.
The Work Breakdown Structure (WBS)<em> finally breaks down the project into smaller components</em> as found in the image below. The image shows the case of a project breakdown to design and build a custom bicycle.
The answer to the question is a form of out of court dispute resolution called negotiation.
In legal context, negotiation occurs when one party contact the other party to try and work out a resolution or settlement that both parties can agree with. This option is the correct one because it does not involve a third party, which in other types of dispute resolution such as mediation and arbitration, must be present.
The answer is A, that way you have all the fine print
Answer:
a)
1. Explicit cost
2. Implicit Cost
3. Implicit Cost
4. Explicit cost
b)
Accounting Profit is $62000.
Economic Profit is -$3000. (a loss of $3000)
Explanation:
a)
Explicit costs are those costs incurred by a business that require an outlay of money as a result of operating a business.
Implicit costs, on the other hand, are the costs that do not require an outlay of money as a result of operating a business. They are instead the opportunity costs of operating a business or the benefits that are foregone.
1. The wages and utility bills are a result of operating a business and requires and outlay of money as their payment. They are <u>explicit costs.</u>
2. The rental income could have been earned if Larry rented the showroom he is using to operate his business from. The rent foregone is an opportunity cost and is an <u>implicit cost.</u>
3. The salary Larry could have earned is also something that Brian has to forego to operate his business and is an <u>implicit cost.</u>
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4. The cost of purchases paid to manufacturer requires outlay of money and is an <u>explicit cost.</u>
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b)
Accounting profit = Total Revenue - Total explicit cost
Economic profit = Total revenue - (Total Explicit Cost + Total Implicit Cost)
Accounting Profit = 793000 - 430000 - 301000 = $62000 profit
Economic profit = 793000 - (430000 + 301000 + 15000 + 50000) = -$3000 loss
