Write the Word or Phrase That Best Completes Each Statement

question 4

Multiple Choice

Write the word or phrase that best completes each statement or answers the question.
-A vendor sells hot dogs and bags of potato chips. A customer buys 4 hot dogs and 5 bags of potato chips for $16.75. Another customer buys 2 hot dogs and 3 bags of potato chips for $9.25. Find the
Cost of each item.

• A) $2.25 for a hot dog; $2.00 for a bag of potato chips
• B) $2.00 for a hot dog; $1.75 for a bag of potato chips
• C) $1.75 for a hot dog; $2.00 for a bag of potato chips
• D) $2.00 for a hot dog; $2.00 for a bag of potato chips

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Definitions:

Accumulated Amortization

The total amount of amortization expense that has been applied to intangible assets over time, reducing their book value on the balance sheet.

Intangible Assets

Assets that lack physical substance but have economic value due to rights, privileges, or advantages they confer to the business, such as patents, trademarks, and copyrights.

Amortized

The process of gradually reducing debt through regular payments over a set period, covering both the principal and interest.