Which of the Following Is a Key Retirement Goal

question 28

Multiple Choice

Which of the following is a key retirement goal?

• A)The age at which retirement is to take place
• B)The standard of living desired at that time
• C)To retire as early as possible
• D)Both a and b
• E)Both b and c

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Definitions:

Revenues

The income generated from normal business operations and includes discounts and deductions for returned merchandise.

Supplies

Materials or items which are used in the operation of a business or needed in the production process.

Services

Economic activities that are intangible, are not stored, and do not result in ownership transfer from the service provider to the service receiver.

Double-Entry

An accounting principle where every transaction is entered twice, as a debit in one account and a credit in another, to keep the accounting equation balanced.