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:

Reverse Conditioning

A behavior modification technique where the conditioning process is applied in reverse, to eliminate or alter an unwanted behavior or reaction.

Systematic Desensitization

A behavioral therapy technique aimed at reducing anxiety or fear through gradual exposure to the feared object or situation.

Negative Attitude Change

The process through which an individual's favorable perspective or feeling towards an object, person, or situation becomes unfavorable.

Need For Cognition

A psychological trait representing an individual's tendency to engage in and enjoy effortful cognitive activities.