Final answer:
An electric bill is a financial summary that indicates the amount of electricity used in kilowatt-hours and the total cost for that usage. It helps consumers understand their energy consumption and related expenses.
Step-by-step explanation:
The term "an electric bill" refers to B) A financial report of electricity usage and cost. This is a statement that households or businesses receive which details the amount of electricity consumed over a billing period. The consumption is typically measured in units of kilowatt-hours (kWh), which are calculated by multiplying the power in kilowatts (kW) by the time in hours that the power was used.
Understanding your electric bill is crucial because it directly relates to the way you use electrical appliances. The cost of electricity goes up the more appliances you have and the longer they are turned on. Thus, being aware of how much power your appliances use can help manage your costs and reduce your electric bill.