If You Were Accepting $22 000 Payment for Selling Your

question 1

Multiple Choice

If you were accepting $22 000 payment for selling your car to a stranger,which form of payment should you request?

• A)Bank draft
• B)Money order
• C)Certified cheque
• D)Any of the above

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Definitions:

Total Profit

The total financial gain generated from a business activity after subtracting all expenses and costs associated with producing and selling goods or services.

Break-Even Point

The financial point at which the costs of producing and selling a product equal the revenue made from selling the product, resulting in neither profit nor loss.

Market Supply

The total amount of a specific good or service that is available to consumers in a market at all possible prices.

Industry

A group of companies or businesses that produce the same products or services and are involved in the same type of economic activity.