The Nikel Company sold its cattle ranching component on June 30, 2010, for a gain of $1, 000, 000.From January through June, the component had sustained operating income of $300, 000.The income tax rate is 30%.How should Nikel report the income and the sale on its income statement?

A) as $300, 000 operating income and a $1, 000, 000 gain on sale of component
B) as a $1, 300, 000 gain in operating income
C) as a net of tax gain of $910, 000 after income from continuing operations
D) as $210, 000 operating income and a $700, 000 gain on sale of the component shown before extraordinary items

Which of the following statements is true in regards to a profit center?

A) A profit center incurs costs.
B) A profit center does not generate revenues.
C) A profit center generates revenue.
D) Both A and C

Which of the following is not listed in the book as a reason to study economics?

A) to learn a way of thinking
B) to understand society
C) to be an informed citizen
D) to learn how to make lots of money

Which theory holds that people will choose certain behaviors over others with the expectation of a certain outcome?

A) goal-setting theory
B) ERG theory
C) two-factor theory
D) expectancy theory

_____ research retrieves information that someone else has gathered.

A) Survey
B) Secondary
C) Primary
D) Ethnographic

While shopping at the supermarket, Selina was dismayed to find that the price of orange juice was now 50% more than what she was used to paying. As a result, Selina purchased grapefruit juice, which was closer to what she usually pays. Based on this example, orange juice is ______.

A) a necessity
B) a luxury good
C) inelastic
D) elastic