costs
/kɒsts/The amount of money needed to purchase or produce something; the price of an item or service.
The costs of renovating the house were higher than expected.
The expenses for the home renovation exceeded the initial estimate.
Can refer to both one-time expenses and ongoing expenditures.
The total amount of money spent on something, often used in accounting or financial contexts.
The company's operating costs include salaries, rent, and utilities.
The firm's financial outlays encompass wages, lease payments, and energy bills.
In finance, 'costs' may be distinguished from 'expenses' based on accounting principles.
The effort, time, or resources required to achieve a goal or complete a task.
The emotional costs of the divorce were significant.
The psychological toll of the separation was profound.
Can be used metaphorically to describe non-financial burdens.
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💡Pro Tip
Plural vs. Singular
'Cost' is singular, while 'costs' is plural. Use 'cost' for a single expense and 'costs' for multiple or ongoing expenses.
⚡Gold Rule
Financial Context
In accounting, 'costs' are typically recorded as assets or expenses, depending on their nature.
📖Word Origin
From Middle English 'coste,' from Old French 'coste,' from Latin 'causa' (cause, matter). The sense of 'price' developed in the 14th century.
📝Usage Notes
In formal contexts, 'costs' often refers to financial expenditures, while in informal contexts, it can refer to broader sacrifices or efforts.