Which of the Following Is an Example of Part-Time Self-Employment

question 29

Multiple Choice

Which of the following is an example of part-time self-employment?

• A) Tabatha,who works from home for a fashion website for a minimum of 40 hours a week
• B) Raul,who works as an intern in a law firm for more than 35 hours a week
• C) Dorothy,who works in her small bakery for less than 30 hours a week
• D) Joshua,who teaches piano to children for 40 hours a week

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Definitions:

Periodic inventory system

A periodic inventory system is a method of inventory valuation where the inventory is updated and cost of goods sold is calculated at the end of a specific accounting period.

Ending inventory

The total value of all the goods still available for sale at the end of an accounting period.

Gross profit

The financial metric indicating the difference between revenue and the cost of goods sold, reflecting the core profitability of product sales.

Perpetual inventory system

An accounting method that records the sale or purchase of inventory immediately through computerized point-of-sale systems and enterprise asset management software.