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    sehunkydory
    100 vues2 pages
    The document contains 3 multiple choice questions about business concepts: 1. A clothing boutique had an initial inventory of $25,000, made $10,000 in additional purchases, and had $18,000 of inventory left. The cost of goods sold was $17,000. 2. A promissory note involves an unconditional promise to pay a fixed amount plus interest, while a credit line does not have a fixed loan amount. 3. Legal fees, office rent, and accounting fees would all be considered indirect expenses in business operations.

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    The document contains 3 multiple choice questions about business concepts: 1. A clothing boutique had an initial inventory of $25,000, made $10,000 in additional purchases, and had $18,000 of inventory left. The cost of goods sold was $17,000. 2. A promissory note involves an unconditional promise to pay a fixed amount plus interest, while a credit line does not have a fixed loan amount. 3. Legal fees, office rent, and accounting fees would all be considered indirect expenses in business operations.

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    © All Rights Reserved
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    100 vues2 pages

    Just

    Transféré par

    sehunkydory
    The document contains 3 multiple choice questions about business concepts: 1. A clothing boutique had an initial inventory of $25,000, made $10,000 in additional purchases, and had $18,000 of inventory left. The cost of goods sold was $17,000. 2. A promissory note involves an unconditional promise to pay a fixed amount plus interest, while a credit line does not have a fixed loan amount. 3. Legal fees, office rent, and accounting fees would all be considered indirect expenses in business operations.

    Droits d'auteur :

    © All Rights Reserved
    Téléchargez comme DOC, PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    sur 2

    1. You operate a small clothing boutique in a quaint downtown market.

    Your beginning inventory last


    month was $25,000 and you made another $10,000 in inventory purchases during the month and ended
    up with $18,000 of inventory left. What was your cost of goods sold?

    A. $17,000

    B. There is insufficient data to make the calculation

    C. $28,000

    D. $10,000

    2. What's the difference between a credit line and a promissory note?

    A. A credit line is a loan, but a promissory note is not

    B. A credit line that is tapped is not considered a debt, but a promissory note is considered a debt

    C. A credit line can be either a current liability or a non-current liability but a promissory note can only
    be a non-current liability

    D. A promissory note involves an unconditional promise to pay a fixed principal sum plus interest, while a
    credit line doesn't involve a fixed loan amount

    3. Which of the following items would be considered indirect expenses in the course of business
    operations?

    A. Legal fees

    B. Office rent

    C. Accounting fees

    D. All of these answer choices are correct

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