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

A firm sells a product in a perfectly competitive market. The marginal cost of the product at the current output level of 200 units is $4. The minimum possible average variable cost is $3.50. The market price of the product is $3.

The Johnsons decided to sell their summer cabin on Beech Lake. They sent flyers out to all who previously had expressed an interest in buying the cabin stating that they were planning on selling their cabin.

Edison Inc., an electrical utility company, is venturing into a business in which electricity is generated through solar and wind energy.

29) The custodian of a company asset should a. have access to the accounting record for that asset b. be someone outside the company c. not have access to the accounting record for that asset d. be an accountant

Drew is the top salesperson in his entire corporation. Drew credits his success to his ability to not only listen to his customers but to use his knowledge to meet his customer's needs.

Friendly's Quick Loans, Inc., offers you "eight for ten or I knock on your door." This means you get $8 today and repay $10 when you get your paycheck in one week (or else).

Shoeleather costs arise when higher inflation rates induce people to:a. spend more time looking for bargains. b. spend less time looking for bargains. c. hold more money. d. hold less money.

Lewis Inc. had the following information taken from various accounts for 2015: Sales Discounts $41,000 Unearned Revenue $32,000 Total Sales $459,000 Purchase Discounts $15,000 Sales Allowances $35,000 Accounts Receivable $205,000 What was Lewis Inc.

True or False: The basic economic theory of supply and demand suggests that when price drops, consumers will buy more and thus generate stronger demand.

If you think carefully about what you're doing, always ask for advice when you need it, and keep asking questions, starting a business can be