Answer:
False
Explanation:
Within the relevant range of activities, total fixed costs remain constant and fixed costs per unit decrease as total output increases. Total variable costs vary depending on total output, but variable costs per unit should remain constant.
On a long term basis, all costs are variable, that is why it is important to consider the range of activities, i.e. output levels.
Answer:
B) 3 scarves
Explanation:
total fixed costs per day = $60 (rent)
selling price per scarf = $40
variable cost per scarf = $15
contribution margin = selling price per unit - variable cost per unit = $40 - $15 = $25
break even formula in units = total fixed costs / contribution margin = $60 / $25 = 2.4 units, since you can only sell complete units, the break even amount is 3 scarves.
Answer:
1. The federal government s new defense equipment is Discretionary spending
2. What Nick receives from government is because of Mandatory spending
3. Gloria's income from government is Mandatory spending
4. Government plan to build more highways is discretionary spending
5. Inpatient services Jill receives is Mandatory spending
Explanation:
Mandatory spending:
This is spending that has been made Mandatory by the law. It is certain amount of money that has been budgeted for and set aside by the government for certain programs or initiatives. It is also called entitlement spendings.
Discretionary spending:
This is a kind of spending in which the funding level is set aside each fiscal year by the Congress. It is government spending and it is implemented through the appropriation bill.
Answer:
$3,017
Explanation:
Calculation to determine How much, expenses can the Spencers deduct
Airfare (one ticket) $1,300
(2,600/2)
Lodging $675
Meals $555 [($1,110/2)]
Less: 50% limit $278
$277 [$555-$278]
Registration fee ($580 − $120) $460
Car rental $305
Total $3,017
($1,300+$675+$277+$450+$305)
Therefore the expenses that Spencers can deduct will be $3,017
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