Use the Following to Answer Questions

question 140

Multiple Choice

Use the following to answer questions :
Scenario: Accounting and Economic Profit
Rather than put the $100 000 that his grandmother left him in a mutual fund that earns 5% each year,Tommy Wang quit his job,which paid $60 000 per year,and started Wang's Wicker Furniture Store.He rented a showroom for $20 000 for the year,purchased $60 000 in wicker furniture,and incurred costs of $40 000 for sales help and advertising.In his first year,his revenue was $150 000.
-(Scenario: Accounting and Economic Profit) Use Scenario: Accounting and Economic Profit.What is the implicit cost of Wang's Wicker Furniture Store?

• A) $7 000
• B) $60 000
• C) $65 000
• D) $69 000

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Definitions:

Care Stress

the stress experienced by caregivers due to the demands and responsibilities of caring for someone, often leading to emotional, physical, and financial strain.

Child Abuse

Any act or failure to act that results in harm, potential for harm, or threat of harm to a child, including physical, emotional, or sexual abuse, as well as neglect.

Teenage Child

An individual in the developmental stage between childhood and adulthood, typically ranging from 13 to 19 years old.

Upper-Income Family

A family that earns significantly more income than the average, placing them in the top echelons of income distribution.