Case 1 - Frames Unlimited

question 14

Multiple Choice

Case 1 - Frames Unlimited
Frames Unlimited is a wholesale picture and poster frame business. Frame data is stored in sequential access files that contain four columns: item number, item name, size, and price.
-Which of the following statements should be used first when opening the input file?

• A)If IO.File.Exists("pictureFrame57.txt") Then
• B)If IO.File.Exists("pictureFrame.txt") Then
• C)inFile = IO.File.OpenText("pictureFrame57.txt")
• D)inFile = IO.File.OpenText("pictureFrame.txt")

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Definitions:

Accounting Profit

Accounting profit is the financial gain calculated by subtracting total explicit costs from total revenue.

Explicit Costs

Direct, out-of-pocket payments for wages, rent, materials, and other inputs necessary for the production of goods or services.

Implicit Costs

The opportunity costs of using resources owned by the firm for its own use, without any direct payment made.

Opportunity Cost

The worth of the best alternative given up to make a choice.