Actual Cost

Correct Answer: $25,000

The Actual Cost is $25,000. The problem states that the team has spent $25,000 so far on the project. Actual Cost is the amount of money that has been spent on the project up to a certain point in time. It represents the real, tangible costs incurred during the project's progress. In this case, regardless of the project's completion percentage or total budget, the Actual Cost is the amount already spent, which is $25,000.

Correct Answer: $65,000

The actual cost of the project is obtained by adding the amounts spent on different aspects of the project. In this case, the company has spent $35,000 on materials and $30,000 on labor costs. Therefore, the actual cost would be $35,000 for materials plus $30,000 for labor which equals to $65,000. This is why the correct answer is '$65,000'. The other answers '$70,000', '$50,000', and '$85,000' are incorrect because they do not reflect the correct sum of the amounts spent on materials and labor.

Correct Answer: incurred

The correct answer is 'incurred'. Actual cost refers to the real costs that have been incurred or spent on the project work as of a specific date. It represents the total amount of money that has been used to complete the project tasks up to that point in time. 'Planned', 'budgeted', and 'estimated' costs are all related to the expected or projected costs of the project, which are determined before the project begins or during the planning phase. These costs are not the actual, realized costs of the project work completed.