Who from Among the Following Would Be Classified as Employed

question 95

Multiple Choice

Who from among the following would be classified as employed?

• A)Brenda Smith, an 18 year old full-time college student
• B)Mario Faubert, a NHL hockey player at home sick with the flu
• C)Jack Little, a 21 year old new college graduate actively looking for his first job
• D)Sarah Lopez, a retired public school teacher

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Definitions:

Sales Returns and Allowances

Deductions from gross sales that reflect products returned by customers and discounts provided for minor defects.

Contra-asset Account

A type of account in the general ledger that reduces the value of a related account when its balance is subtracted from the balance of the related account.

Contra-revenue Account

An account that is offset against a revenue account on the income statement, typically relating to sales returns, allowances, and discounts.

Restructure Loan

The process of modifying the terms of a loan agreement, typically to provide relief to the borrower by reducing interest rates, extending payment periods, or forgiving part of the loan.