A freely functioning market

A) will always be efficient.
B) will fairly reward talent and punish the lazy.
C) cannot be made more efficient with government intervention.
D) maximizes freedom of choice.

​James used $200,000 from his savings account that paid an annual interest of 10% to purchase a hardware store.After one year,James sold the business for 300,000.His accounting profit is:

A) ​$300,000
B) $100,000
C) $80,000
D) ​$20,000

​A ski resort will choose to remain open in the summer whenever its fixed costs are low enough.

Strategies for managing "A" items in ABC analysis are:

A) minimizing inventories.
B) using procurement cards.
C) review inventory levels frequently.
D) minimizing inventories and review inventory levels frequently.
E) using procurement cards and review inventory levels frequently.

Nonfinancial measures are often linked to the inputs or outputs of an activity or process.

Alice is an employee of Valley Company.She properly completed her Form 1040EZ tax return and received a refund from the IRS of $1,293.Alice had income tax withholding during the year of $4,881.Her tax liability for the year was:

A) $6,174.
B) $4,881.
C) $3,588.
D) $1,293.