An annual reporting period consisting of any twelve consecutive months is known as:.1. Calendar year2. Natural business year3. Interim financial period 4. Fiscal year5. Seasonal year

4. Fiscal year

Explanation:

Reporting period refers to the period or time covered by a set of financial statements. It is the accounting period in which a given financial report will be covered. It may either be monthly, quarterly or yearly depending on organization's choice.

Now, fiscal year is an accounting period or reporting period that consist of 12 month used for accounting purposes. It is a yearly reporting period made up of 12 consecutive months. It may or may not correspond to the normal calendar year depending on the organization's choice or decision.

Answer the level of output per period will be less than the level of output if workers do not shirkthe total labor cost required to produce a given level of output will be greater than if workers do not shirk but total fixed costs will be unaffected