INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 130

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select
-You bought a $500 stereo on the installment plan and made two payments of $75 during the year.On your income/expense statement for the year,you will show an expense of [$150 | $500].

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

---

Definitions:

Limited Means

A situation or condition of having restricted financial resources or capabilities.

Capital Equipment

Long-lasting tools, machinery, or infrastructure used in the production of goods and services.

Fertile Land

Soil or land that is rich in nutrients, making it highly productive for agriculture.

Scarcity

A situation in which available resources are insufficient to satisfy all wants and demands.