Refer to the Following Information: the Small Town of East

question 23

Multiple Choice

refer to the following information: The small town of East MacNeil has 1000 residents age 16 or older. During the survey week, 200 adult residents did not work—20 workers were home sick from their jobs, 10 shopkeepers were unable to open their stores due to bad weather, 50 were actively seeking work, 25 others had previously given up actively looking, and the others were either full-time students or home-makers. Of the 800 at work, 80 worked part-time but would have preferred full-time work.
-The size of the labor force in East MacNeil is:

• A)800 persons
• B)850 persons
• C)880 persons
• D)1000 persons

---

Definitions:

Prepaid Expenses

Expenses paid in advance for goods or services to be received in the future.

Insurance Expense

The cost associated with purchasing insurance to protect against various risks, recorded as an expense.

Unearned Revenue

Money received by a company for goods or services yet to be provided. It is considered a liability until the service is delivered or the product is provided.

Investments

Assets purchased with the aim of generating income or appreciation, including securities, real estate, and other financial assets.