Which of the Following Activities Involves Mary Playing a Game

question 53

Multiple Choice

Which of the following activities involves Mary playing a game of chance?

• A) Mary works eight hours at Dairy Queen and earns a total of $60.
• B) Mary spends $250 on a used video game console.
• C) Mary wins a $1,000 Visa gift card in a competitive food-eating competition.
• D) Mary wins a $500 prize in a business plan competition.
• E) Mary deposits $5 in a slot machine and does not win anything.

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Definitions:

Recent Cost

The latest cost incurred for goods or services, reflecting the most up-to-date pricing information.

Inventory

The total amount of goods and materials held by a company with the intent of resale or as part of the production process.

Profit

The financial gain realized when the revenues generated from business activities exceed the expenses and costs incurred in generating those revenues.

Ending Inventory

The total value of all the goods a company has in stock at the end of a fiscal period, which is used to calculate the cost of goods sold.