You Are the Owner and Only Employee of a Company

question 119

Multiple Choice

You are the owner and only employee of a company that repairs computers.Last year,you earned total revenues of $75,000.Your costs for equipment,rent,and supplies were $10,000.To start this business you quit a job at a computer software firm that paid $40,000 a year.During the year,your economic costs were

• A) $10,000.
• B) $40,000.
• C) $50,000.
• D) $75,000.

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Definitions:

Financial Records

Documents that contain information about an entity's financial transactions and status, such as balance sheets, income statements, and cash flow statements.

Financial Status

Describes the current state of an individual’s or organization’s finances, including income, debts, assets, and liabilities.

Informed Consent

Written consent given by patients for diagnostic tests or treatments that will involve danger or pain after being told about the procedure and the risks involved.

Dangerous Procedure

A medical or operational task that carries a high risk of harm to persons or property.