Mark and Barry Own the Warehouse Liquor Store in Town

question 176

Multiple Choice

Mark and Barry own the Warehouse Liquor Store in town. They are careful to pay all of their taxes in full and on time. Recently the local government has decided to raise the taxes imposed on the sale of cigarettes and liquor. Barry and Mark are upset about this because:

• A) they will certainly have to pay more taxes.
• B) people will likely buy less cigarettes and liquor from them.
• C) the government has increased the sales tax.
• D) their personal property tax will now increase.

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Definitions:

Time Utility

The value added to products or services by making them available at the right time to meet consumer needs.

Multitouch

A technology that enables a surface (such as a touchscreen) to recognize the presence of more than one point of contact with the surface simultaneously.

Goodwill

The intangible asset that arises when a business is acquired for more than the fair value of its visible, tangible assets; often related to the brand reputation, customer loyalty, and other factors not directly quantifiable.

Production

The act of producing goods and services by merging workforce, materials, and technology.