Refer to Scenario 7

question 143

Multiple Choice

Refer to Scenario 7.6 below to answer the question(s) that follow.
SCENARIO 7.6: Upon graduating with an accounting degree, you open your own accounting firm of which you and your assistant are the only employees. To start the firm you passed on a job offer with a large accounting firm that offered you a salary of $50,000 annually. Last year you earned a total revenue of $120,000. Rent and supplies last year were $50,000. Your assistant's salary is $30,000 annually.
-Refer to Scenario 7.6. Your annual economic profit is

• A) -$10,000.
• B) $20,000.
• C) $40,000.
• D) $70,000.

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Definitions:

Sensory Adaptation

The adjustment of sensory receptors to the level of stimulation they are exposed to, leading to decreased sensitivity with constant exposure.

Depth Perception

The visual ability to perceive the world in three dimensions, enabling the estimation of the distance of an object.

Absolute Threshold

The minimum stimulus intensity required to detect a particular stimulus 50% of the time.

Energy

The capacity to do work or produce change in physical or chemical systems, existing in various forms such as kinetic, potential, thermal, and electrical.