Chris Was the Business Manager for a Real Estate Firm

question 89

Multiple Choice

Chris was the business manager for a real estate firm earning an annual salary of $40,000.Then Chris decided to become a consultant.Chris hired an administrative assistant at $15,000 per year and rents office space (utilities included) for $3,000 per month.Chris earned $100,000 in total revenue the first year as a consultant.
Chris's accounting profit is _______ and Chris's economic profit is _______.

• A)$100,000;$64,000
• B)$64,000;$49,000
• C)$49,000;$9,000
• D)$9,000;0

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Definitions:

American Revolution

The period of political turmoil and military conflict between 1775 and 1783, in which the Thirteen Colonies gained independence from Great Britain.

First Continental Congress

A meeting of delegates from twelve of the thirteen American colonies in 1774, convened in Philadelphia to address colonial grievances against British policies.

Tasks

Specific jobs or pieces of work assigned or undertaken by an individual as part of a larger project or responsibility.

Members

Individuals who belong to a group, organization, or institution and typically have specific rights, responsibilities, or roles within it.