Which of the Following Best Describes the Meaning of the Expression

question 83

Multiple Choice

Which of the following best describes the meaning of the expression "There is no such thing as a free lunch"?  

• A) Meals always cost money. 
• B) Resources used up in producing something are NOT available to satisfy other wants. 
• C) The best things in life are free. 
• D) Many people do NOT have to work to make a living.

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Definitions:

Adjusting Entry

Accounting records entries recorded at the close of an accounting period for the purpose of assigning incomes and expenses to the timeframe in which they truly transpired.

Net Income

The total profit of a company after all expenses, including taxes and operational costs, have been subtracted from total revenues.

Expired Rent

Expired rent refers to the portion of prepaid rent that has been used up or accounted for as an expense over a period.