When the End-Of-Month Accounts Receivable Figures Agree with the Figures

question 45

Multiple Choice

When the end-of-month accounts receivable figures agree with the figures arrived at by adding all the account card balances, the accounts are said to be:

• A)false
• B)in balance
• C)out of balance
• D)matching

Analyze how a payroll tax affects the per-hour equilibrium wage paid by firms.

Calculate the total tax collections from a payroll tax.

Recognize the pre-tax equilibrium state of a labor market.

Determine the distribution of tax burden between firms and workers.

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Definitions:

Cost

The cost involved in buying an item or the financial outlay needed to produce a good or service.

Mark-up

The amount added to the cost price of goods to cover overhead and profit, expressed as a percentage of the cost.

Markdown

A reduction from the original or listed price of a good or service, often used to stimulate sales or clear out inventory.

Gross Profit

The financial term for the difference between revenue and the cost of goods sold, before deducting overheads, payroll, taxation, and interest payments.