When the firms in the industry are just able to cover their cost of production, economic profit is zero. Therefore, if demand falls, causing prices to go down even a little bit, economic profits will be negative in the long run. True/False

A part-time limousine driver made $9073.89 last year. If he claimed himself as an exemption for $3650 and had a $5700 standard deduction, what was his taxable income last year?

A franchise arrangement include a franchisor and franchisee with the franchisor ... to the franchisee

A decrease in purchasing power a. debt b. gains c. depreciation d. inflation

What is the first thing you should you do before making a budget? Review your financial history Decide where your income will go. Open a bank account. Achieve a long-term financial goal.

True or False: You do not need to pay taxes if you earn income in cash.

A consulting firm has a predetermined overhead rate of $120 per labor hour. The Smith job required 5 hours to compete. The overhead cost applied to this job is $

Loren and Kendra enter into a contract for the distribution of Loren's produce to local restaurants for which he agrees to pay Kendra. Kendra transfers her right to payment under the contract to County Bank. This transfer is a. an alienation b.

Clara, at age 47, decided to adopt a child on her own because she tired of waiting around for "mr. Right" to come along. She decided to move on with her life. Clara is an example of a (n) :

Sandusky Company borrowed $28,000 from the Lakeside Bank by issuing a 10% three-year installment note. Sandusky agreed to repay the principal and interest by making annual payments in the amount of $11,259.21.

Some discount stores put products in large bins and let consumers hunt and find bargains. The price these consumers pay includes: a. the time the product was full price and didn't sell b. the value of their time and energy c.