Which Statement Is Accurate About Retailing as an Economic Activity

question 135

Multiple Choice

Which statement is accurate about retailing as an economic activity?

• A)Retailing is an important activity that affects nearly everyone, either directly or indirectly.
• B)Historically, retailing accounted for a large part of the United States economy, but recent figures indicate that retailing's impact has waned.
• C)Retailing's biggest impact can be seen in the amount of spending on clothing and food service items.
• D)Retailing's effect on the economy has lessened due to the increase in online shopping.
• E)The vast majority of retailers are very large organizations rather than small (one store)owners.

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Definitions:

Debts

Money owed by one party to another, which is to be repaid according to terms agreed upon by both parties.

Revenue Account

An account that records the income generated from the sale of goods and services.

Debit Balance

An account balance where total debits exceed total credits.

Debit

An accounting entry that increases an asset or expense account, or decreases a liability or equity account, used in double-entry bookkeeping.