Speedo Sales Had Monthly Sales of $773,000

question 130

Multiple Choice

Speedo sales had monthly sales of $773,000. There is a 7% state sales tax. The amount of the sales tax payable is:

• A)$50,570.
• B)$54,110.
• C)$63,250.
• D)$71,242.

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Definitions:

Non-rivalrous

A characteristic of a good whereby one person's use does not diminish the utility or availability of that good for others.

Laissez-faire System

A laissez-faire system is an economic principle advocating minimal government intervention in the operations of free markets and the economic decisions of individuals and businesses.

Market

A market is a platform or environment where buyers and sellers come together to facilitate the exchange of goods, services, or information.

Capital Goods

Long-lasting goods acquired by a business to produce goods or services, as opposed to being sold directly to consumers.