Suppose That You Open Your Own Business and Earn an Accounting

question 89

Multiple Choice

Suppose that you open your own business and earn an accounting profit of $30,000 per year. When you started your business, you left a job that paid you a $25,000 salary annually. Also, suppose that you invested $70,000 of your own funds to start up your business. If the normal rate of return on capital is 5 percent, your economic profit is

• A) $5,000.
• B) -$1,500.
• C) $1,500.
• D) -$5,000.

Compare and contrast different organizational responses to crises, understanding the stages of the issue life cycle.

Understand the variability and overlap in terms used to describe leadership behavior.

Compare and contrast the effectiveness of task-oriented versus relations-oriented leadership behaviors.

Identify and describe the three specific types of relations-oriented behaviors related to effective leadership.

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Definitions:

Tobacco- and Rice-Based

Refers to economies or agricultural systems where tobacco and rice are the primary commodities.

Dominant Labor System

The prevailing method of labor organization and economic production within a particular society or region, such as slavery, serfdom, or wage labor.

Chesapeake Region

A geographical area in the United States characterized by the Chesapeake Bay, spanning parts of Maryland, Virginia, Delaware, and the District of Columbia, known for its unique history and culture.

After 1680

A temporal marker indicating events or conditions following the year 1680.