Answer:
B
Explanation:
Prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a review of insurance policies and payments shows that $900 of unexpired insurance remains at year-end
Answer:
Insurance expense for the year = $4,700 - $900 = $3,800 Journal...
With employer-paid training, workers have the potential to become more productive not only in their present employment but also in any number of jobs with different employers. To increase the productivity of their workforce, many firms are planning to maintain or even increase their investments in worker training. But some training experts object that if a trained worker is hired away by another firm, the employer that paid for the training has merely subsidized a competitor. They note that such hiring has been on the rise in recent years.
Which of the following would, if true, contribute most to defeating the training experts’ objection to the firms’ strategy?
A. Firms that promise opportunities for advancement to their employees get, on average, somewhat larger numbers of job applications from untrained workers than do firms that make no such promise.
B. In many industries, employees who take continuing-education courses are more competitive in the job market.
C. More and more educational and training institutions are offering reduced tuition fees to firms that subsidize worker training.
D. Research shows that workers whose training is wholly or partially subsidized by their employer tend to get at least as much training as do workers who pay for all their own training.
E. For most firms that invest in training their employees, the value added by that investment in employees who stay exceeds the value lost through other employees’ leaving to work for other companies
Answer:
The answer is (E) For most firms that invest in training their employees, the value added by that investment in employees who stay exceeds the value lost through other employees’ leaving to work for other companies.
Explanation:
This question is a dilemma for companies: Should they invest on training and development for people who might not stay in the company for long periods of time? In the end, even if the employees don’t stay long in the company, the value they bring to the company after being trained are usually more significant than if the employee wasn’t trained in the first place. After all, the risk for mismanagement is higher if the latter was implemented – and will result in higher loss for the company since the bad performance of unskilled employees might impact the company not only financially, but also reputation-wise.
Grace period is a period of time before the credit card company starts charging late fees.
True
False
Answer:
True
Explanation:
Answer:
true
Explanation:
Read the scenario. Alfonso is 19 years old and has a high school diploma. Recently, he was promoted to assistant manager at the fast-food restaurant where he has worked since the age of sixteen. His dream is to become the restaurant’s manager. What is his best option for achieving his dream? He should find another job and work his way up to a higher position. He should hope that his manager transfers to another location and that he is his replacement. He should attend classes at the local college to receive training in management. He should work hard, work longer hours, and remain assistant manager.
Answer:
He should attend classes at the local college to receive training in management.
Explanation:
Best option.
Brody and tanya recently sold some land they owned for $150,000. they received the land five years ago as a wedding gift from brody's aunt jeanette. she had already given them cash equal to the annual exclusion during that year. aunt jeanette purchased the land many years ago when the property was worth $20,000. at the time of the gift, the property was worth $100,000 and aunt jeanette paid $47,000 in gift tax. what is the long term capital gain on the sale of the property
Your question asks what would be the long term capital gain from the sale of the property (the land).
Answer: $92,400To solve this, we would need to use the given information from the question.
Key information:
Sold for $150,000
Property was worth $20,000
At the time of the gift, property was worth $100,000
Aunt paid $47,000 in gift tax
With the information above, we can find the answer to the problem.
What we need to do is get the formal property value (20,000) and add it with the gift tax (47,000) times the profit made off of the property (80,000) and divide it by the property value when gifted (100,000).
Then, we would subtract the selling price for the land (150,000) by the land tax (57,600).
[tex]20,000 + (47,000 *80,000/100,000) = 57, 600\\\\150,000 - 57,600 = 92,400[/tex]
When you're done solving, you should get 92,400.
This means that the long term capital gain for the property would be $92,400.
I hope this helps!Best regards, MasterInvestorFinal answer:
The long-term capital gain for Brody and Tanya on the sale of the inherited land is calculated by subtracting the adjusted basis, which includes the gift tax paid by Aunt Jeanette, from the sale price, amounting to a long-term capital gain of $3,000.
Explanation:
The long-term capital gain on the sale of property can be calculated by subtracting the tax basis of the property from the sale price. In this case, Brody and Tanya's tax basis in the land is not simply what Aunt Jeanette paid for the land, but also includes the amount of gift tax she paid on their behalf when the value of the land was above the annual exclusion limit.
The original purchase price of the land by Aunt Jeanette was $20,000, but this is not the basis we use. Instead, we use the value of the land when it was gifted to Brody and Tanya, which was $100,000, however, because Aunt Jeanette paid a gift tax, we need to adjust this basis. We do this by adding the $47,000 of gift tax paid by Aunt Jeanette to the transfer value of the land at the time of the gift, giving us a basis of $147,000. The sale price of the land was $150,000.
Therefore, to find the long-term capital gain, we subtract the adjusted basis ($147,000) from the sale price ($150,000), resulting in a long-term capital gain of $3,000.
Mr. king wants to offer 100 acres of his property for sale. since the property is landlocked, he will have to put in a driveway to the road that will run across his remaining property. what kind of easement will he have to grant
Answer:
Hi, umm r u gd at fking girls from psy?
_____ refers to building and integrating analytics capabilities into all everyday business activities.Pervasive analyticsArtificial intelligenceBusiness analyticsBusiness intelligence
Pervasive analytics refers to building and integrating analytics capabilities into everyday business activities. It goes beyond traditional business analytics or intelligence by incorporating analysis into every operation, improving efficiency and decision-making.
Explanation:Pervasive analytics is the correct answer to the question, as it refers to the integration and utilization of analytical capabilities in all daily business activities. It's a concept that extends beyond traditional business analytics or business intelligence, by incorporating analytical depth into every business process and decision.
For example, a retail business employing pervasive analytics might use real-time data analysis to optimize inventory management, pricing strategies, and customer experiences simultaneously. It's like having a team of data analysts working on every facet of a business, only that it's automated and integrated into daily operations.
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Which of the following is one disadvantage of renting a place to live compared to buying a home? A. Tenants have to pay for all repairs to the building. B. The landlord covers the expenses of maintaining the property. C. Residents can't alter their living space without permission. D. Rent is generally more than monthly mortgage payments.
Answer:
The answer is C, residents can’t alter their living space without permission
Explanation:
I just did the test and got it right
Residents can't alter their living space without permission is one disadvantage of renting compared to buying a home. Besides, price control policies like rent control could reduce the availability and quality of rentals, posing additional disadvantages for renters.
Explanation:The question asked was: Which of the following is one disadvantage of renting a place to live compared to buying a home? The correct answer is option C: Residents can't alter their living space without permission.
In the context of real estate and housing, this is because when you rent a property, you do not own it. Therefore, you are often limited in terms of the alterations and modifications you can make to the property without the permission of the landlord. This could include things like painting, major renovations, or even minor changes like putting up shelves.
Moreover, referring to the concept of price ceilings in the rental market, some renters or potential renters lose their housing when landlords convert apartments into co-ops and condos. To add, if renters obtain cheaper housing than the market requires, the quality of the housing tends to decrease. For example, during price control policies such as rent control, landlords may reduce the number of rental units available, impacting potential renters and causing them to live elsewhere due to lack of availability, a substantial disadvantage of rent control.
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Which general staff member directs management of all incident-related operational activities to achieve the incident objectives?
The Operations Section Chief is the general staff member in an incident management system who directs all incident-related operational activities.
Explanation:In an incident management system, the general staff member who directs the management of all incident-related operational activities to achieve the incident objectives is commonly known as the Operations Section Chief. This individual has the responsibility for executing strategies and tactics to directly manage the incident incident. The Operations Section Chief is usually the one who directs the development of strategic objectives and is the key contact for all operational activities.
The Operations Section Chief has many responsibilities, including the direction and execution of strategies developed by the Incident Commander or Unified Command, the analysis of threats and hazard scenarios, and the management of resources required for effective incident resolution.
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The Operations Section Chief directs all incident-related operational activities within the General Staff to accomplish the incident objectives, playing a critical role in strategic planning and supervision of combat operations.
The Operations Section Chief is the General Staff member responsible for directing all incident-related operational activities to achieve the incident objectives. Within the General Staff organization, as outlined in General Order No. 80 by the War Department, multiple divisions work together to manage various aspects of the army operations.
Among these, the Operations division, often headed by a Director who is an Assistant Chief of Staff, focuses specifically on supervising combat operations, strategic planning, and movement of troops. This role is critical in ensuring that such operations are carried out in line with the incident objectives and under the overall guidance of the Commander-in-Chief and Chief of Staff.
How is a federal loan different from a private loan for an education? A federal loan is available for any student who meets the government's lending standards. A private loan is only available for students who show a need. A federal loan is only available for students who show a need. A private loan is available for any student who meets the bank's lending standards. A federal loan can only be used to pay for a student's tuition. A private loan can be used to pay for a student's tuition and any other expenses. A federal loan can be used to pay for a student's tuition and any other expenses. A private loan can only be used to pay for a student's tuition.
Your question asks what's the difference between a federal loan and a private loan, specifically for education.
Answer: A federal loan is only available for students who show a need. A private loan is available for any student who meets the bank's lending standardsThe reason why the answer "A federal loan is only available for students who show a need. A private loan is available for any student who meets the bank's lending standards" is the correct answer because this perfectly fits the description of the different loans.
A federal loan is from and provided by the government. In order to get a federal loan, a student must show the government that they really need to loan to help them for education. For example, a student could show the government that they need the loan because they come from a poor-income family, and the government would probably issue them the loan/
A private loan is loans that are from the bank. These loans are acquired if you meet the lending standards that the bank has set out. For example, a bank could possibly require people to have a certain credit score in order for them to get a loan from them, and they do that for safety measures, ensuring them that they'll get their loan paid back.
I hope this helps!Best regards, MasterInvestorWhat are the Federal Reserve Districts?
A) twelve banking districts created by the Federal Reserve Act
B) Federal Reserve committee that makes key decisions about interest rates and the growth of the U.S. money supply
C) research arm of the Federal Reserve
D) group of Federal Reserve governors that influences the level of real GDP and the rate of inflation in the economy
the Federal Reserve Districts is A) twelve banking districts created by the Federal Reserve Act
Answer:
A) Twelve banking districts created by the Federal Reserve Act
Explanation:
The Federal Reserve Act of 1913 created the US federal Reserve system. It wad created to establish economic stability in the US and established a central bank to supervise the monetary policy. The act also built twelve federal reserve districts and one federal reserve banks for each of the district. All the federal reserve banks implement the monetary policy decided by the Federal Open Market Committee.
At the end of each day, panera bread restaurants donate leftover bread and baked goods to food banks and local charities. the company is practicing greenwashing by helping to advance the social conditions of the communities in which it operates.
Answer: They are practicing at being good samaratins.
Explanation: Their business decision is probably making them look charitable to the community.
Answer:
They appear to be giving back to the community with food to help the hungry or the homeless.
Explanation:
In the paragraph above they mention practicing. Greenwashing can make a company appear to be more environmentally friendly than it really is. My hope is panera really is doing this for the greater good.
What is customer service? A. interacting with customers B. interacting with employees in a company C. researching people’s wants and preferences D. assisting customers in the process of obtaining goods and services to fulfill their wants and needs E. chatting with customers
Answer:
assisting customers in the process of obtaining goods and services to fulfill their wants and needs
Explanation:
Customer service assists customers in the process of obtaining goods and services to fulfil their wants and needs. The correct option is d.
What is customer service?Customer service is the direct one-on-one interaction between a consumer making a purchase and a representative of the company that is selling it. Most retailers see this direct interaction as a critical factor in ensuring buyer satisfaction and encouraging repeat business.
Even today, when much of customer care is handled by automated self-service systems, the option to speak to a human being is seen as necessary to most businesses. It is a key aspect of servant leadership. Customer service is the interaction between the buyer of a product and the company that sells it. Good customer service is critical to business success, ensuring brand loyalty one customer at a time.
Recent innovations have focused on automating customer service systems but the human element is, in some cases, indispensable.
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Abigail, a human resource executive in a company, coordinates with the management to plan and implement a wide range of employee engagement activities for improving the mental and physical health of the employees. These activities include personality enhancement sessions, career development lectures, and annual office trips. She also works with the management to provide employees with a platform where they can share their innovative ideas. In this scenario, Abigail's initiatives fulfill the human resource management goal of:
Answer:
The answer is promoting individual growth and development, or the maintain goal.
Explanation:
Human resources management commonly have several goals that they need to be able to achieve: the most well-known is the attract, develop, and maintain framework. In attract, HRM decision makers and executors are involved in the recruitment and talent management aspects of HR. In developing, they are responsible to ensure the development of employees in order to achieve the organizational goals, as well as devising the mechanism to measure this performance. In maintain, HRM decision makers and executors focus in compensation and benefit aspects, alongside labor relations issue.
Which of the following situations is most likely to change a buyer's market into a seller's market? A. A natural disaster that drives away a lot of the population. B. The price of building materials suddenly going up. C. The government buys up a lot of houses to build a new freeway. D. A factory laying off a lot of workers in the area.
Answer:
The price of building materials suddenly going up.- B.
Answer:
The price of building material going up
Explanation:
To determine customer opinion of their safety features, daimler minus chrysler randomly selects 120 service centers during a certain week and surveys all customers visiting the service centers.
The question involves statistical analysis techniques to assess customer opinions on safety features and determine if distributions of safety awards among cars have changed over time, using statistical tests like a chi-square at a 5% significance level.
Explanation:The question pertains to statistical analysis in the context of determining customer opinions, random sampling, and comparing distributions over different years.
To address the specific situation described about Daimler minus Chrysler and other scenarios involving sampling and surveys, one would typically use methods such as hypothesis testing, confidence intervals, and analysis of variance (ANOVA) among other statistical tools to infer results from collected data and make informed decisions based on the evidence.
In the case of the Insurance Institute for Highway Safety data, one could apply a chi-square test for independence to see if the distribution of top safety picks among different categories of cars has changed significantly between 2009 and 2013. The desired significance level of 5 percent will guide the decision-making process for accepting or rejecting the null hypothesis.
Overall, such questions are essential in various fields such as business, engineering, environmental science, and health, where insights drawn from data can significantly influence practices and policies.
Becky fenton has 40/80/40 automobile insurance coverage. if two other people are awarded $75,000 each for injuries in an auto accident in which becky was judged at fault, how much of this judgment would the insurance cover?
Answer:350.00 will change
Explanation:75.00*3
Becky Fenton being at fault, the company will grant an insurance claim of $225,000 for the auto accident.
What is an insurance claim?An insurance claim is a claim available in the hands of a policyholder in case of happening of an event against which an insurance is taken. It is redeemable only in case of happening of the insured events.
If the insurance policy has a cover terms of 40/80/40, where the other two people injured were granted $75,000, a claim in total of $225,000 (75000 × 3) will be granted by the insurance company.
Hence, the significance of insurance claim is aforementioned.
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The Human Resources department of French Quarter Seafood conducted a training workshop on setting and achieving organization goals. Alex, the store manager of the New Orleans location, has been working with his managers to set objectives that are clearly defined, focused on achieving specific results, and can be accomplished with a given amount of resources. Which aspect of SMART goals is missing?
Goals should be challenging, of course, but above all they should be realistic and attainable.
Goals should be stated in specific rather than vague terms.
Goals should specify the target dates or deadline dates when they are to be attained.
Goals should be results-oriented.
Whenever possible goals should be measurable, or quantifiable.
Answer:
The answer is (C) Goals should specify the target dates or deadline dates when they are to be attained.
Explanation:
SMART goals state that targeted objectives should be Specific, Measurable, Attainable, Relevant, and Timely. Alex has developed goals that are specific, measurable, attainable, and relevant – yet he has not defined the time needed to accomplish these goals, including their due date. Thus, Alex should think of a realistic time schedule that he plans to implement in order to achieve his goals.
Arbitration is a noncoercive method of resolving a dispute between employer and union.
a. True
b. False
It has been speculated that the ussr expansion into central asia and southward was most likely to… select one:
a. gain access to natural gas.
b. meet new cultures.
c. gain access to their oil and other natural resources.
d. gain access to a warmer climate.
e. meet new and exciting peoples, and then kill them. f. have a go at conquering afghanistan. g. gain sea access to warm water ports on the indian ocean.
Answer:
I believe it is C.
Explanation:
Hope my answer has helped you!
Brand equity is
The resources invested to create a name, phrase, design, symbol or combination of these to identify a firm's products and distinguish them from those of its competitors
Adding customer value to the product brand through additional features or higher-quality materials or reducing its price
Increasing the content contained within the brand's package without changing its size or increasing its price
The net present value of the royalties the firm receives as a result of licensing its brand to other firms to manufacture and/or market
The added customer value a given brand name gives to a product beyond the functional benefits provided
Answer:
(E) The added customer value a given brand name gives to a product beyond the functional benefits provided
Explanation:
Brand equity, for companies, refers to the value that their brand creates for customers. The concept that the term defines, describes how companies that have better brand recognition compared to its competitors, can generate higher profits compared to companies that don’t. This is because customers perceive that well-known brands have higher product quality, or is more trustworthy compared to unknown brands.
A smartphone manufacturing company uses social media to achieve different business objectives. Match each social media activity of the company to the objective it helps the company achieve.
Explanation:
Following is the correct matching of different social media activities with the objectives of the company.
Releases videos of its new, high tech smartphone manufacturing facility
To give consumers a peek into its operations
Hosts an online sweepstakes and gives the winners an extended warranty on a smartphone model
To increase brand loyalty
Gives bloggers a new smartphone handset before the model is on the market
To create consumer awareness about a new product
Ask customers to determine their next model using hashtag #NEWMODEL
To allow consumers to be part of product development
VJames has a job with a current salary of $42,000. He wants to earn a college degree that will take him 2 years to complete and it will cost $28,000 per year. He will go to school full time and will not be able to work. Upon graduation, James' new salary will be $56,000 per year. How many years will it take James to recover his investment? A. 1.3 years b. 2.5 years c. 10 years d. 20 years.
It will take James 10 years to recover the $140,000 he invested in his education by attending college for two years, foregoing a $42,000 salary each year, and paying $28,000 tuition annually, considering his new salary will be $56,000, which is $14,000 more than his old salary.
Explanation:To calculate the number of years it will take for James to recover his investment, we need to analyze the costs and benefits associated with obtaining his college degree. Initially, James forgoes a salary of $42,000 for two years, while also paying $28,000 per year for tuition, which totals a loss and expense of $140,000 ($42,000 salary x 2 years + $28,000 tuition x 2 years).
After graduation, James earns a new salary of $56,000, which is $14,000 more than his original salary ($56,000 - $42,000). Now, we divide the total cost of his investment by the annual increase in salary to find out how many years it will take for him to recover his investment:
$140,000 (total cost) / $14,000 (increase in salary per year) = 10 years.
Therefore, it will take James 10 years to recover the $140,000 he invested in his education.
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The goal of an economist who formulates new theories is to a. provide an interesting framework of analysis, whether or not the framework turns out to be of much use in understanding how the world works. b. provoke stimulating debate in scientific journals. c. contribute to an understanding of how the world works. d. demonstrate that economists, like other scientists, can formulate testable theories.
Your question asks what the goal of an economist who makes new theories is.
Answer: C). contribute to an understanding of how the world worksThe reason why answer choice " c. contribute to an understanding of how the world works" is the correct answer because this is specifically the goal of an economist who makes new theories.
What an economist does is study economics. They pretty much study the way goods are distributed around the world, traded, etc.
Economists would need to understand how the world works in order to make theories, due to the fact that their theories are based upon what's going on in the world. If an economists doesn't know what's going on in the world, then their theories would be unreliable, and probably would not be on topic with what's going on in "modern-day" economics.
I hope this helps!Best regards, MasterInvestorWhich leadership competency is most essential to ensure that staff working within a complex adaptive?
Answer:
the ability to collaborate and fully engage team members
Answer:
Teamwork between members and Total participation of all members.
Explanation:
In order to work together as a team, first it is important for all team members (with no exception) to have a clearly defined common goal and objectives.
Roles should be clearly stated and every member of the team must fully participate to achieve their goals.
In case of lapses from one or more team members, the other members should aid and give support to these team members.
Lastly, there should be Trust, Respect, Willingness, Empowerment, and Effective Communication among members because that is the only way they can work and function together as a unit
Which of the following is true about presentation methods for providing training? Audiovisual techniques are most effective when they are used alone. Mobile technologies include training methods such as on-the-job training, simulations, business games and case studies, behavior modeling, interactive video, and web-based training that require the trainee to be actively involved in learning. The typical users for teleconferencing include employees who are part of a workforce that spends most of its time traveling, visiting customers or various company locations and has limited time available to spend in traditional training activities. Webcasting involves classroom instructions that are provided online through live broadcasts. Classroom instruction is no longer a popular training method because of new technologies such as interactive video and computer-assisted instruction.
Answer:
The best answer for this question would be: Webcasting involves classroom instructions that are provided online through live broadcasts.
Explanation:
The other answers are incorrect because:
Audiovisual techniques are most effective when combined with other training strategies to provide context and opportunity for the learners to practice what they have learned.
Mobile technologies do not include simulation, case, studies, and on-the-job training.
The best people to be trained through teleconferencing would be those who are working from an office position, though not located in the same area as the training provider.
Classroom instruction is still a popular training method, because it's relative ease of access compared to other methods.
Mobile technologies include training methods that require active involvement in learning.
Explanation:Mobile technologies refer to a wide range of portable and wireless devices, applications, and communication tools that enable access to information, connectivity, and services while on the move. Examples include smartphones, tablets, mobile apps, and wearable devices. They have transformed various aspects of daily life, including communication, entertainment, business, and navigation, and continue to drive innovation and convenience in today's interconnected world.
In the given context, the statement that is true about presentation methods for providing training is that mobile technologies include training methods such as on-the-job training, simulations, business games and case studies, behavior modeling, interactive video, and web-based training that require the trainee to be actively involved in learning.
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Which of the following controls most likely would help ensure that all credit sales transactions of an entity are recorded? A. The accounting department supervisor independently reconciles the accounts receivable subsidiary ledger to the accounts receivable control account monthly. B. The accounting department supervisor controls the mailing of monthly statements to customers and investigates any differences they report. C. The billing department supervisor matches prenumbered shipping documents with entries in the sales journal. D. The billing department supervisor sends copies of approved sales orders to the credit department for comparison to authorized credit limits and current customer account balances.
Final answer:
Option C, which involves matching prenumbered shipping documents with sales journal entries, is the most effective control to ensure the recording of all credit sales transactions.
Explanation:
The student is asking about the internal control procedures relevant to the recording of credit sales transactions for an entity. Among the options provided, C. 'The billing department supervisor matches prenumbered shipping documents with entries in the sales journal is the control that would help ensure that all credit sales transactions are recorded'. This matching process is vital for verifying that each shipment, and consequently every credit sale, has a corresponding entry in the sales journal. The usage of prenumbered documents aids in maintaining sequential control and helps in preventing missed or duplicated entries, thereby ensuring completeness in the recording of transactions.
Is free trade loading... more likely to benefit a large, populous country or a small country with fewer people?
Answer:
small country with fewer people
Explanation:
A smartphone manufacturing company uses social media to achieve different business objectives. Match each social media activity of the company to the objective it helps the company achieve.
Explanation:
Following is the correct matching of different social media activities with the objectives of the company.
Releases videos of its new, high tech smartphone manufacturing facility
To give consumers a peek into its operations
Hosts an online sweepstakes and gives the winners an extended warranty on a smartphone model
To increase brand loyalty
Gives bloggers a new smartphone handset before the model is on the market
To create consumer awareness about a new product
Ask customers to determine their next model using hashtag #NEWMODEL
To allow consumers to be part of product development
The opportunity cost of an action: can be determined by considering both the benefits that flow from as well as the monetary costs incurred as a result of the action. can be determined by adding up the bills incurred as a result of the action. can be objectively determined only by economists. is a subjective valuation that can be determined only by the individual who chooses the action.
Your question asks what an opportunity cost of an action is.
Answer: D). is a subjective valuation that can be determined only by the individual who chooses the action.The reason why answer choice "D). is a subjective valuation that can be determined only by the individual who chooses the action" is correct because an opportunity cost of an action is not the same for everyone.
An opportunity cost of an action is subjective, meaning that the action can be determined by someone's opinion, feelings, etc. Everyone thinks differently, therefore making everyone's opportunity cost of action different.
A opportunity cost of an action also is determined by the individual themselves, not anyone else. That's why the action is subjective, due to the fact that the decision on the action is determined by the individual personal opinions and feelings.
I hope this helps!Best regards,MasterInvestorFinal answer:
The opportunity cost of an action is the value of the next best alternative forgone by choosing to take that action. It is subjectively determined by the individual, based on what they give up, which can be both monetary and non-monetary. (last option)
Explanation:
The opportunity cost of an action can be understood by evaluating what must be given up to undertake the action. This concept applies to all decision-making in economics, whether it involves financial transactions or other choices, such as spending time on an activity.
Opportunity cost includes not just the monetary costs but also the benefits that are foregone as a result of the action. A classic example would be a student who decides to study instead of going to a party; the opportunity cost would be the enjoyment and experiences the student forgoes by not attending the party.
Opportunity costs are a critical concept and are subjectively determined by the individual making the choice, as each person values their alternatives differently.