Final answer:
Start-up costs include the purchase of initial inventories, legal costs to incorporate, one-time opening costs for a retailer, and organization costs, but not first-year salaries as they are ongoing expenses.
Step-by-step explanation:
Among the choices provided, the start-up costs for a new business would typically include the purchase of initial inventories, legal costs to incorporate, one-time opening costs for a retailer, and organization costs. However, first-year salaries are not generally classified as start-up costs because they are ongoing expenses that continue beyond the initial start-up phase. Start-up costs are often one-time expenses necessary to launch the business, such as purchasing inventory to get the business started, the legal costs associated with incorporating the business, the one-time costs of opening a retail location, and any costs involved in organizing the business before it begins operating. These costs are necessary for a business to establish itself and begin operations but are distinct from the recurring costs like employee salaries.