What Is the Amount of Net Income (Net Loss)for the Year

question 41

Multiple Choice

What is the amount of net income (net loss) for the year?

• A)($2,000)
• B)($3,800)
• C)($1,600)
• D)($3,300)

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Definitions:

Opportunity Cost

represents the value of the next best alternative forgone as a result of making a decision.

Scarcity

The fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources.

Economic Growth

is an increase in the production of goods and services in an economy over a period of time, often measured by GDP.

Entrepreneurial Ability

is the skill set and initiative to start, manage, and succeed in a new business venture or enterprise.