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12 Cards in this Set
- Front
- Back
Overhead cost |
Indirect costs, which are not directly applicable to a given project or activity |
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Fixed Costs |
Costs that are constant regardless of the level of output or activity |
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Marginal Cost |
Cost of one additional unit of output or activity |
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Average cost |
Total cost divided by the number of units of output or activity |
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Total Cost |
Addition of all fixed costs and all variable costs |
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Sunk Costs |
Costs which have already be incurred or cannot be avoided as a result of a past decision |
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opportunity costs |
cost of foregoing a possible revenue by selecting a different alternative |
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recurring costs |
known costs that occur at regular intervals |
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nonrecurring costs |
expenses that occur irregularly |
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incremental costs |
difference between the costs of two different alternatives |
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Cash Costs |
Costs that involve the direct transfer of funds |
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Book Costs |
Costs that do not involve the direct transfer of fund (e.g. depreciation of equipment value) |