Use the Following Scenario to Answer the Next Eight Questions

question 10

Multiple Choice

Use the following scenario to answer the next eight questions:
Rosa and Dirk produce basketballs and footballs. Rosa can produce six basketballs per hour or two footballs per hour. Dirk can produce three basketballs per hour or four footballs per hour.
-Based on the scenario,Dirk's opportunity cost of one football is:

• A) 3/4 basketball.
• B) 1 1/3 basketballs.
• C) 3 basketballs.
• D) 4 basketballs.
• E) 6 basketballs.

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Definitions:

Check

A written, dated, and signed instrument that contains an unconditional order from the drawer that directs a bank to pay a definite sum of money to a payee.

Salaries

Regular payments made to employees for their labor or service, typically expressed as an annual amount but often paid on a monthly or bi-weekly basis.

Adjusting Journal Entry

An accounting record entered at the closing of a financial period to distribute profits and losses to the correct period.

Five-Day Week

A work schedule that typically consists of five eight-hour days, totaling 40 hours, usually from Monday to Friday.