Maria Has to Choose Between Driving and Taking a Train

question 67

Multiple Choice

Maria has to choose between driving and taking a train to destination A. Traveling by train will cost her $400 and will take 4 hours. Driving to destination A takes 6 hours, and the required amount of gasoline costs $250. Her opportunity cost of time is $15 per hour.
-Refer to the scenario above.If the opportunity cost of time increases to $80 per hour,which of the following statements is true?

• A) Maria should choose to drive, as it saves her $10.
• B) Maria should choose to drive, as it saves her $150.
• C) Maria should choose to travel by train, as it saves her $10.
• D) Maria should choose to travel by train, as it saves her $150.

Understand how budgetary planning and control contributes to a company’s financial health.

Grasp the significance of maintaining minimum cash balances and its implications on borrowing.

Understand the concept of budgeted income statement and its relation to other budget components.

Knowledge on how different types of budgets (e.g., sales, production, raw materials) interact and impact overall financial planning.

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Definitions:

Heritage

The traditions, cultural practices, values, and histories that are passed down from generation to generation, contributing to a community's identity.

Social Events

Gatherings where people come together to socialize, celebrate, or participate in activities, ranging from small parties to large public events.

Adler's Theory

Refers to the psychological perspective introduced by Alfred Adler, focusing on the importance of feelings of inferiority and the striving for superiority as key motivators in human behavior.

Individual Personality

The characteristic patterns of thoughts, feelings, and behaviors that make a person unique.