Use the Following for Questions 61-69

question 223

Multiple Choice

Use the following for questions 61-69.

-(Exhibit: Consumer Equilibrium 1) Assume that the price of both goods X and Y is $1 per unit, and you have $4 of income to spend on both goods.To maximize utility, you would consume ______ units of X and _______ units of Y.

• A) 0; 4
• B) 1; 3
• C) 2; 2
• D) 3; 1

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Definitions:

Adjusted Trial Balance

A list of all accounts and their balances after adjusting entries have been made, serving as a check that the total debits equal the total credits before financial statements are prepared.

Accrued Fees

Fees that have been incurred but not yet paid, representing a liability on the balance sheet until they are settled.

Journalized

The act of recording a transaction in an accounting journal.

Vertical Analysis

A method of financial statement analysis in which each entry for each of the three major categories (assets, liabilities, and equities) in a balance sheet is represented as a proportion of the total account.