Which of the Following Sentences Is the Best Example of Scarcity

question 61

Multiple Choice

Which of the following sentences is the best example of scarcity of time?

• A)Peter buys a hamburger.
• B)John-Michael wants to spend his money on a new hoverboard.
• C)Alexander is doing homework instead of going to the movies with his friends.
• D)Amanda,a geography teacher,is retired.
• E)Bill is unemployed.

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Definitions:

Merchandise Inventory

Items that a business possesses with the intention of selling them to consumers.

Accounts Payable

Amounts a company owes to creditors for goods or services that have been bought on credit and are payable within a specified period.

Subsidiary Ledger

A detailed ledger that contains the details of transactions for individual accounts, which then summarize into the general ledger.

Control Account

An account in the general ledger used to summarize and consolidate transactions from multiple subsidiary accounts.