Question 1
Refer to Scenario 9.2 below to answer the question(s) that follow.
SCENARIO 9.2: Tom borrowed $40,000 from his parents to open a donut stand. He agrees to pay his parents a 5% yearly return on the money they lent him. His other yearly fixed costs equal $10,000. His variable costs equal $25,000. He sold 40,000 dozen donuts during the year at a price of $2.00 per dozen.
Refer to Scenario 9.2. Tom's total revenue was
◦ $30,000.
◦ $40,000.
◦ $45,000.
◦ $80,000.
Question 2
Refer to Scenario 9.2 below to answer the question(s) that follow.
SCENARIO 9.2: Tom borrowed $40,000 from his parents to open a donut stand. He agrees to pay his parents a 5% yearly return on the money they lent him. His other yearly fixed costs equal $10,000. His variable costs equal $25,000. He sold 40,000 dozen donuts during the year at a price of $2.00 per dozen.
Refer to Scenario 9.2. Tom's profit is
◦ $0.
◦ $26,000.
◦ $30,000.
◦ $43,000.
Generally, the total tax burden in the United States is much lower than that of other industrialize
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