A "Market" Consists Of

question 24

Multiple Choice

A "market" consists of:

• A) customers who are willing to exchange something of value.
• B) a group of potential customers with similar needs.
• C) sellers offering various ways of satisfying customer needs.
• D) All of these are correct.

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Definitions:

Capital Account

An account on the balance sheet representing the original investment by the owners plus any retained earnings.

Owner Invests

The action taken by an owner to contribute resources, such as cash or other assets, into the business for its use.

Revenue

The aggregate revenue derived from selling goods or services that are fundamental to an organization's main activities.

Account Payable

Money owed by a business to its suppliers or creditors for goods and services purchased on credit, considered a current liability.