Complete the following sentences by matching the definitions with the correct terms: square is a cost that has an element of both fixed and variable costs. square is a cost that can be identified with a specific cost unit,to the extent that the effect of the cost can be measured in respect of that cost unit. square is an example of a direct cost. square is an example of a fixed cost. square is the cost incurred when one course of action prevents an opportunity to derive some benefit from another course of action.

Question

Complete the following sentences by matching the definitions with the correct terms: square is a cost that has an element of both fixed and variable costs. square is a cost that can be identified with a specific cost unit,to the extent that the effect of the cost can be measured in respect of that cost unit. square is an example of a direct cost. square is an example of a fixed cost. square is the cost incurred when one course of action prevents an opportunity to derive some benefit from another course of action.

Answer 1

1. Semi-variable cost or Mixed cost2. Direct cost3. Raw materials4. Rent5. Opportunity cost

Answer 2

## Step1:The statement "[Select] is a cost that has an element of both fixed and variable costs" refers to Semi-variable costs or Mixed costs. These types of costs have components of both fixed costs (which remain constant, regardless of the volume of output produced) and variable costs (which vary proportionately as per the level of output). ## Step2:The phrase "[Select] is a cost that can be identified with a specific cost unit, to the extent that the effect of the cost can be measured in respect of that cost unit" points to the term Direct cost. Direct costs are the costs that are directly attributable to the production of a product, a service, or running a department.## Step3:The term at "[Select] is an example of a direct cost" can be mapped to Raw materials. Raw materials are a primary example of direct costs since they can be easily traced back to the final product.## Step4:The statement "[Select] is an example of a fixed cost" connects to Rent. Rent is a good example of fixed costs, as it's usually set at a fixed price no matter the level of goods produced.## Step5:"[Select] is the cost incurred when one course of action prevents an opportunity to derive some benefit from another course of action" refers to Opportunity cost. Opportunity costs represent the benefit or potential that you give up when you choose one option over another.

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