What is true of a perfectly competitive market?

A. The conditions do not exist in reality.

B The problem of scarcity does not exist.

C. The market share varies by firm.

D. There are significant barriers to entry.

On June 5, Jo's Market sold $1,000 of goods on credit with terms of 2/10, n/30. The required journal entry to record Jo's Market customer's payment on July 6 would be:

A conservative investor has a portfolio that consists of diversified investments in equity securities, debt securities, and money market instruments. The investor is mildly concerned about a downturn in the stock market.

Inseparability in services means consumers Multiple Choice are unable to differentiate price from quality. cannot separate themselves from the deliverer of the service. cannot evaluate a service until it is being or has been used.

Rachelle transfers property with a tax basis of $800 and a fair market value of $900 to a corporation in exchange for stock with a fair market value of $750 and $50 in cash in a transaction that qualifies for deferral under section 351.

Businesses typically enter into areas where there is competition. a. True b. False

Dani's denim sells blue jeans. in 2017, dani's specialized in selling moderately priced jeans with a 25% markup.

If the Fed purchases $50,000 in T-bills from a bank, by how much will the bank's excess reserves increase: a) by $50,000. b) by $50,000 times the required reserve ratio. c) by $50,000 divided by the required reserve ratio.

When the government increases taxes, rates of tax evasion increase?

The chart of accounts is a a. group of accounts for a business. b. list of the accounts in the ledger. c. list of all the accounts with their balances. d. list of all income and expense accounts.

Michael Glock was the policyowner-insured of a $50,000 participating whole life insurance policy with a $50,000 accidental death benefit (ADB) rider. Mr. Glock's $750 annual premium was due on March 13, 2015. On March 24, Mr.