What is value?
A. It refers to inexpensive merchandise.
B. It is the relationship between desires and needs.
C. It is the relationship between what consumers receive and what they have to pay for it.
D. It is the relationship between what consumers have and what they want.
E. It refers to the lowest price and the lowest quality merchandise or service.
Answer: C
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Answer the following statement true (T) or false (F)
[The following information applies to the questions displayed below.] The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Cash$4,000 Accounts receivable$3,400 Dividends 2,000 Common stock 3,900 Land 3,200 Revenue 3,200 Accounts payable 1,800 Expense 2,200 Retained earnings 5,900 What is the amount of net income that will be reported on the Year 1 income statement?
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