Ian Bought Some Goods in May for $600 and Sold

question 24

Multiple Choice

Ian bought some goods in May for $600 and sold them in the following August for $950. For the financial year ending on 30 June, which of the following statements is correct?

• A) Ian has expenses amounting to $600.
• B) Ian has revenues amounting to $950.
• C) Ian has a profit of $350.
• D) Ian has assets of $600.

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Definitions:

Phrenologists

Pseudoscientific practitioners who believed that the shape and size of the cranium could predict personality traits, character, and mental abilities.

Medieval Doctors

Healthcare practitioners in the Middle Ages who often relied on a mixture of religious beliefs, superstition, and early medical practices to treat patients.

Penologists

Specialists in the study of penology, which focuses on the various aspects of the penal system, including the management of prisons and the rehabilitation of offenders.

Human-Environmental Factors

Refer to the interplay between human activities and the natural environment, including how human behavior impacts the environment and vice versa.