Let X Represent the Unknown, and Write an Equation for the Sentence

question 30

Multiple Choice

Let x represent the unknown, and write an equation for the sentence. Do not solve.
-When 4 times a number is subtracted from 7 times the number, the result is 27.

• A)4x + 9x = 27
• B)4x(7 - x)= 27
• C)7x - 4x = 27
• D)4(x - 7)= 27x

Calculate Gross Profit using beginning and ending inventory figures.

Recognize the role of Sales Discounts in calculating Gross Profit.

Understand the accrual accounting principle including revenue recognition and expense recording.

Calculate net sales, cost of goods sold, gross profit, and net income.

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Definitions:

Transitivity

A principle that if one option is preferred over a second, and the second is preferred over a third, then the first option is preferred over the third.

Consumer Preferences

The subjective tastes, as expressed by the utility function, that guide consumer choices in the marketplace.

Nonsatiation

The economic assumption that consumers always prefer more of a good to less, holding everything else constant.

Completeness

In decision theory, a property that states every set of choices can be ranked in an order of preference.