When an Owner Withdraws Cash or Other Assets from a Business

question 170

Multiple Choice

When an owner withdraws cash or other assets from a business for personal use these withdrawals are termed

• A) depletions.
• B) consumptions.
• C) drawings.
• D) a credit line.

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good which consumers are willing to purchase at different prices.

Deadweight Loss

A loss of economic efficiency that occurs when equilibrium for a good or service is not achieved or is not achievable.

Per-Unit Tax

A tax that is levied on a product based on a fixed amount per unit sold, not based on the value of the product.

Quantity Tax

A tax that is levied on a specific amount or quantity of a good or service, rather than on its value.