According to mcdonald, leverage is: (a) charging investors very high fees (b) borrowing money and then risking it without a way to cover the potential loss (c) considering how the investment will look in three to five years (d) keeping enough capital on hand to cover any losses sustained (e) diversifying by putting money in many different investments

Kirnon clinic uses client-visits as its measure of activity. during july, the clinic budgeted for 3,250 client-visits, but its actual level of activity was 3,160 client-visits. the clinic has provided the following data concerning the formulas to be used in its budgeting: fixed element per month variable element per client-visitrevenue - $ 39.10personnel expenses $ 35,100 $ 10.30medical supplies 1,100 7.10occupancy expenses 8,100 1.10administrative expenses 5,100 0.20total expenses $ 49,400 $ 18.70the activity variance for net operating income in july would be closest to: