Which of the following statements is true? a. The word "cost" has the same meaning in all situations in which it is used.
b. Cost data, once classified and recorded for a specific application, are appropriate for use in any application.
c. Different cost concepts and classifications are used for different purposes.
d. All organizations incur the same types of costs.

The answer should be b.

Ithink its opportunity cost but not sure hope it .

The advantage of administering personality tests on employees is that it will allow the employer to know the mindset and personality of the employee. this will allow the employer to at least have an idea as to how the employee works and how his attitude in the workplace. the disadvantage is that it may make the employee a little anxious as to whether he would meet the personality requirements of the employer and whether he would be able to retain the job or not. 

The correct answer is "c) beginning inventory for the first quarter"