These Transactions Were Completed by the Art Gallery Opened by Zed

question 159

Multiple Choice

These transactions were completed by the art gallery opened by Zed Bennett.
Bennet started the gallery,Artery,by investing $40,000 cash and equipment valued at $18,000 in exchange for common stock.
Purchased $70 of office supplies on credit.
Paid $1,200 cash for the receptionist's salary.
Sold a painting for an artist and collected a $4,500 cash commission on the sale.
Completed an art appraisal and billed the client $200.
What was the balance of the cash account after these transactions were posted?

• A)$12,230
• B)$12,430
• C)$43,300
• D)$43,430
• E)$61,430

Understand the factors that cause movement along the demand curve versus shifts in the demand curve.

Differentiate between a decrease in demand and a decrease in quantity demanded.

Calculate the total market quantity demanded with given individual demands.

Identify factors leading to shifts in the demand curve.

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Definitions:

Extrinsic Motivation

The drive to perform an activity due to external rewards or pressures, rather than for intrinsic satisfaction.

Extrinsic Motivation

Motivation that stems from outward incentives like financial gain, recognition, academic scores, or commendation.

Intrinsic Motivation

The drive to engage in activities for their own sake, because they are interesting or enjoyable, not for some external reward.

Organismic Needs

Fundamental physiological and psychological needs that must be met for an individual to develop and function optimally, such as the needs for food, safety, love, and self-esteem.