Philip Owns and Operates a Gas Station

question 39

Multiple Choice

Philip owns and operates a gas station.Philip works 40 hours a week managing the station but doesn't draw a salary.He could earn $700 a week doing the same work for Terrance.The station owes the bank $100,000 and Philip has invested $100,000 of his own money.If Philip's accounting profits are $1,000 per week while the interest on his bank debt is $400 per week, the business's economic profits are

• A)$0 per week.
• B)-$100 per week.
• C)$600 per week.
• D)$300 per week.
• E)$1,000 per week.

Understand and apply the concept of the time value of money in capital budgeting.

Understand the concept of reader benefits and their role in appealing to audiences.

Recognize the differences between intrinsic and extrinsic benefits.

Comprehend Maslow's hierarchy of needs and its application to understanding human motivations.

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Definitions:

High-Risk Situation

Circumstances or environments that have a higher likelihood of leading to harm or negative outcomes.

Injury Control

Measures and strategies developed to prevent or reduce the severity of bodily harm or damage.

Child Maltreatment

The abuse and neglect of children, encompassing physical, emotional, or sexual harm, as well as providing inadequate care.

Limit Further Damage

A principle or action aimed at preventing a situation or condition from worsening.