The Following Amounts Have Been Paid Out of the Business

question 8

Multiple Choice

The following amounts have been paid out of the business bank account. Purchase of motor car £7000, petrol and car expenses £1 300, wages £4 500, £9000 paid in by the owner, money taken out by the owner, £1000, money from sales £9000, purchases of goods resold £4000, rent of premises £3000. What amount should be recorded as expenses for the period?

• A) £13800
• B) £20800
• C) £19800
• D) £12800
• E) None of the above

Recognize the economic significance of marginal cost and its implications for resource allocation.

Learn about the efficiency of competitive markets in resource allocation due to the equality of price and marginal costs.

Understand the potential outcomes of eliminating patents on innovation across different industries.

Identify how patents can either promote or hinder innovation, depending on the context and the nature of the product.

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Definitions:

Acupuncture

A form of traditional Chinese medicine involving the insertion of thin needles into specific points on the body to relieve pain or treat various conditions.

Qi Gong

An ancient Chinese exercise and healing technique involving meditation, controlled breathing, and movement exercises.

Tai Chi

A Chinese martial art and form of gentle physical exercise consisting of slow, deliberate movements combined with deep breathing and meditation.

Arthritis

A general term for conditions that affect the joints and surrounding tissues, causing pain, swelling, and stiffness.