Rachel Thomas Owns a Law Practice

question 1

Multiple Choice

Rachel Thomas owns a law practice.She wishes to earn an income of $400 000 from the business (ignore tax) .She expects to work 800 hours on clients in the year,if client work develops as expected.The firm incurs the following costs - leases of $1000 per month and salaries of $2000 per month.
How much must Rachel charge per hour,in order to earn her target profit?

• A) $455
• B) $648.50
• C) $211
• D) $549.67

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Definitions:

Attitudes

Mental and emotional entities that denote an individual's degree of like or dislike for an item.

Personal Interests

Individual hobbies, passions, and activities outside one’s professional life that provide personal satisfaction and joy.

Entrepreneurs

Individuals who create, launch, and manage new businesses, often taking on significant financial risks in the hope of profit.

Angel Investor

An affluent individual who provides financial backing for small startups or entrepreneurs, often in exchange for ownership equity.