Refer to Scenario 7

question 124

Multiple Choice

Refer to Scenario 7.3 below to answer the question(s) that follow.
SCENARIO 7.3: Upon graduating with an accounting degree, you open your own accounting firm of which you are the sole employee. To start the firm you passed on a job offer with a large accounting firm that offered you a salary of $60,000 annually. Last year you earned a total revenue of $100,000. Rent and supplies last year were $50,000.
-Refer to Scenario 7.3. Your annual operating profit is

• A) -$10,000.
• B) $40,000.
• C) $50,000.
• D) $100,000.

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Definitions:

Good Faith

The honest intention to act without taking an unfair advantage over another party in a transaction.

Unemployment Compensation

Financial payments made to individuals who have lost their jobs, intended to support them financially while they seek new employment.

Human Resources

The department within a business that is responsible for all things worker-related, including recruitment, training, and compliance.

Business Trip

is a journey undertaken for work-related purposes, often involving travel outside the regular workplace.