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Questions and Answers
Which of the following best describes a business transaction?
Which of the following best describes a business transaction?
- The amount due to the creditors of a business that has to be paid back within twelve months
- The assets that a firm can liquidate within twelve months
- A withdrawal made by the owners of a business for personal use
- An exchange of goods, services, or money between two or more parties (correct)
What is capital in a business?
What is capital in a business?
- A critical component of any business to run its daily operations and help its future growth (correct)
- An exchange of goods, services, or money between two or more parties
- The amount due to the creditors of a business that has to be paid back within twelve months
- A withdrawal made by the owners of a business for personal use
What are drawings in the context of a business?
What are drawings in the context of a business?
- The amount due to the creditors of a business that has to be paid back within twelve months
- An exchange of goods, services, or money between two or more parties
- The assets that a firm can liquidate within twelve months
- Withdrawals made by the owners of a business for personal use (correct)
