1. We will explore cost terminology. We will discuss which costs are direct, indirect, fixed, and variable. It is also important to think in terms of allocating costs to cost objects. It is helpful to relate cost objects to events in your life so the meanings of these terms become clearer. Try relating these terms to things that you are familiar with such as the cost of taking a trip during spring break, the cost of going out on a date, the cost of college education, and the cost of a single class. 
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3. Propose at least one event and determine how you would allocate or trace the cost as well as which ones are fixed, variable, direct, and indirect.