Isabel Wants to Open an Art Gallery in a Neighborhood

question 57

Multiple Choice

Isabel wants to open an art gallery in a neighborhood known for its large Hispanic population. However, she is apprehensive about whether or not the people in the neighborhood will be responsive to the unconventional art she sells. To make a decision, she obtains data from the National Statistics Institute which shows the career interests of the people of the neighborhood, most of them being in creative, unconventional fields. Which of the following types of data is she using to aid her in decision making?

• A) Primary data
• B) Secondary data
• C) Combination of primary and secondary data
• D) Raw data

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Definitions:

Personal Creditors

Individuals or entities to whom a person owes money, as opposed to business or corporate creditors.

Journal Entry

A journal entry is a record of a financial transaction in an accounting system, ensuring that debits and credits are recorded in the correct accounts.

Partnership Asset

Assets owned jointly by partners in a partnership, used in the operation of the partnership business.

Liquidation

The process of closing a business, selling its assets, and using the proceeds to pay creditors and shareholders.