54) An actual outlay of cash is a(n):
A) out-of-pocket cost.
B) opportunity cost.
C) direct cost.
D) cost object.
55) An opportunity cost is:
A) the foregone benefit of the path not taken.
B) an actual outlay of cash.
C) the initial investment required to pursue an opportunity.
D) a cost that cannot be traced to a specific cost object.
56) An out-of-pocket cost involves which of the following?
A) Choosing to do one thing instead of another.
B) Tracing the cost directly to a cost object.
C) Outlaying an actual amount of cash.
D) Determining how the cost changes with a change in activity level.
57) To earn summer money, Joe could mow lawns in his neighborhood, or he could work at a local grocery store. Which of the following is an opportunity cost of mowing lawns?
A) Cash paid for gas to run the lawnmower.
B) The time spent mowing the lawns.
C) The wages he could have earned working at the grocery store.
D) Depreciation on the lawnmower.
58) To earn summer money, Joe could mow lawns in his neighborhood, or he could work at a local grocery store. Which of the following is an out-of-pocket cost of mowing lawns?
A) The use of his father's truck to get to job sites.
B) The wages he could have earned working at the grocery store.
C) The time spent mowing the lawns.
D) The cash paid for gas to run the lawnmower.
59) Which of the following cannot be an out-of-pocket cost?
A) A direct cost
B) An opportunity cost
C) A variable cost
D) A period cost
60) Costs that can be traced to a specific cost object are:
A) opportunity costs.
B) direct costs.
C) indirect costs.
D) irrelevant costs.
61) Costs that are not worth the effort to trace to a specific cost object are:
A) opportunity costs.
B) direct costs.
C) indirect costs.
D) irrelevant costs.
62) Which of the following statements is correct?
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