Definition, Meaning & Synonyms
annual-cost
Noun
/ˈæn.ju.əl kɔst/
Definition
The total amount of money that an organization or individual spends on a specific expense over a one-year period.
Examples
- The annual cost of maintaining the park has increased due to inflation.
- Businesses need to calculate the annual cost of their operations to set proper budgets.
- When assessing loans, it’s vital to understand the annual cost involved in repayments.
Meaning
Annual cost refers to the yearly expenditure associated with a product, service, or obligation. It is an important factor in budgeting and financial planning, allowing for the effective management of resources and forecasting of future expenses.
Synonyms
- Yearly expense
- Yearly cost
- Annual expenditure
