A Book That Sells New for $125 Will Typically Sell

question 60

Multiple Choice

A book that sells new for $125 will typically sell used for around

• A)$25.
• B)$50.
• C)$75.
• D)$100.

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Definitions:

Revenue and Expense Accounts

Accounts used in accounting to track the income generated and expenses incurred by a business, integral to determining net profit or loss.

Income Summary

An account in accounting used to gather all revenue and expenses for a period to calculate net income (or loss).

Owner's Drawings

The amount of cash or other assets withdrawn by the owner from the business for the owner's personal use.

Net Income

The amount of profit earned by a business after all expenses and taxes have been subtracted from total revenue.