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Hunter-Best [27]
3 years ago
7

Jack currently works for a law firm full time and earns $60,000 a year. He is thinking of quitting his job to pursue a medical d

egree. Medical school will cost him $100,000 per year. If Jack quits his job and goes to medical school, the salary he currently earns would be considered what type of cost?
Business
1 answer:
suter [353]3 years ago
7 0

Answer:

Opportunity cost

Explanation:

In economics (a social science that studies human behavior in relation to ends and scarce means which have alternative uses), there are basic concepts such as scarcity, scale of preference, opportunity costs etc.

Human wants are unlimited and termed to be insatiable. However, the resources available to satisfy these wants are unlimited hence these wants are grouped in the order of importance known as a scale of preference. As the available resources are used to meet a need or satisfy a want, another will go unsatisfied due to the limited resources available.

The need/want that goes unsatisfied is known as the opportunity or real cost or cost of the alternative forgone. This is what Jacks salary will be considered as if he quits his job.

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An operations costing system is:
frosja888 [35]

Answer:

C. An operations costing system is the same as job  order costing system except that materials are accounted for in the same way as they are in process costing system

Explanation:

Operation costing is a hybrid of both job costing and process costing which can either used for:

  • products which use different materials initially but ends up using a common process for production that is same process for different group of products.
  • product has identical processing  initially for different group of products and ends up with more product specific procedures.
8 0
3 years ago
_____ 7. While North Americans want to decide the main points at a business meeting and leave the details for later, people in t
Afina-wow [57]

Answer:

"Mexico" is the appropriate answer.

Explanation:

  • Throughout the case of Mexican individuals, what and when to talk in the discussions or conferences is punctual.
  • Furthermore, you wouldn't overlook the little characteristics because doing so would generate misunderstanding or some complications. You mention as well as continue to talk all about that at the conference.
3 0
3 years ago
Why can it be difficult to use the indirect approach for a complex message that will be read on mobile devices?
frutty [35]

Mobile advertising is an internet marketing platform directed towards a certain target market using their mobile phones and tablets. The approach is centered on connecting with clients via email, SMS, MMS, social media, and mobile applications.

Mobile advertising is a multi-channel, digital marketing strategy that uses websites, emails, SMS and MMS, social media, apps, and other mobile devices to connect with a target audience.

Promotions provided by SMS text messaging, MMS multimedia messaging, downloaded apps using push notifications, in-app or in-game marketing, mobile websites, or by using a media to scan QR codes are all examples of mobile advertising.

To learn more about marketing, click here.

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8 0
2 years ago
maximum amount willing to payGenesis Scents has two divisions: the Cologne Division and the Bottle Division. The Bottle Division
Bezzdna [24]

Answer: $2.60

Explanation:

Based on the information given in the question, the maximum amount that the Cologne Division would be willing to pay for each bottle transferred would be the amount that the company can purchase the containers in the external market which is given in the question as $2.60.

That's the highest amount that they can but the containers for. Therefore, the answer is $2.60

8 0
3 years ago
During the current year, Elk Company incurred the following direct labor costs: January $40,000 and February $60,000. Elk uses a
Rom4ik [11]

Answer:

January Overheads are <u>under-applied</u> by $2,000.

Explanation:

When,

Actual overheads > Applied overheads we say overheads are under-applied.

Actual overheads < Applied overheads we say overheads are over-applied.

Where,

Applied overheads = Predetermined overhead rate × Actual Activity

Therefore,

Applied overheads (January) = 120% × $40,000

                                                = $48,000

Actual overheads (January) = $50,000.

Conclusion

It can be seen that from the above : Actual overheads : $50,000 > Applied overhead : $48,000, therefore overheads were under-applied.

Amount of under-applied overheads = $50,000 - $48,000

                                                             = $2,000

5 0
3 years ago
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