Accounting vs. Economic Costs: Examples & Comparison


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question 1 of 3

Opportunity costs are _____.

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1. Which type of cost is a financial cost that shows up on the financial statements and a bank account?

2. Which of the following terms does not belong in this group?

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About This Quiz & Worksheet

See what you know about accounting and economic costs. Answer these multiple-choice questions on key topics such as opportunity costs and a type of cost that appears in bank accounts and on financial statements.

Quiz & Worksheet Goals

Quiz topics include the following:

  • Implicit/explicit costs
  • Goal of identifying a certain type of economic cost
  • Type of cost forgone for another option

Skills Practiced

  • Reading comprehension - make sure you know the most important information from the lesson on accounting and economic costs, including costs that show up in bank accounts and financial statements
  • Knowledge application - use your knowledge to answer questions about the benefits from a type of cost that could've been chosen but another option was selected instead and implicit/explicit costs
  • Information recall - access the knowledge you've gained regarding the purpose of identifying financial costs

Additional Learning

To learn more about various financial costs, you can access the accompanying lesson named Accounting vs. Economic Costs: Examples & Comparison. These points will be covered in greater detail:

  • Difference between accounting and economic costs
  • Making decisions based on these costs
  • Implicit and explicit cost examples