Which of the Following Is an Intermediate Good

question 217

Multiple Choice

Which of the following is an intermediate good?

• A) the purchase of gasoline for a ski trip to Colorado
• B) the purchase of baseball uniforms by a professional baseball team
• C) the purchase of a pizza by a college student
• D) the purchase of jogging shoes by a professor

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Definitions:

Ledger

A ledger is a comprehensive collection of accounts where financial transactions are categorized and recorded in a double-entry bookkeeping system.

Journal Entries

Records of financial transactions in the accounting system, documenting the details of transactions and their impact on the accounts.

Debits

A transaction recorded in accounts that causes assets to grow or liabilities to shrink on a firm's balance sheet.

Credits

Accounting entries that increase liability or equity accounts, or decrease asset or expense accounts.