A budget for a single unit of a product or service is called as a:
A) fixed cost.
B) real cost.
C) standard cost.
D) total cost.

Question

Quizplus · Accepted Answer

A standard cost is a budget for a single unit of a product or service. It is an estimated cost based on past experience or industry standards. Fixed cost refers to expenses that do not change with production levels, such as rent or salaries. Real cost is the actual cost incurred in producing a unit of product or service. Total cost includes both fixed and variable costs.

A Budget for a Single Unit of a Product or Service