Which Term Refers to a Legally Established Minimum Price That

question 115

Multiple Choice

Which term refers to a legally established minimum price that firms may charge?

• A)a price ceiling
• B)a subsidy
• C)a price floor
• D)a tariff

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Definitions:

Account Payable

Liabilities of a company that are owed to creditors or suppliers for purchases made on credit.

Suppliers

They are businesses or individuals that provide the goods or services that companies need to operate and produce their own goods.

Internal User

An internal user is an individual within an organization, such as managers and employees, who uses the financial information to make decisions regarding the operations of the company.

Accounting Data

Accounting data encompasses all the financial information and records of a business’s transactions, including sales, purchases, expenses, and revenues.