Which of the following describes how a subsistence farmer uses land? A. Leases it to several other farmers for extra income. B. Grows food and tends livestock to provide for a family. C. Sells drilling rights to part of the land to a natural gas company. D. Sets up a grocery store on the property to sell outside goods

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• The following information pertains to Sooner Company: on May 1, the customer ordered an installation service to be done by Sooner Company on May 15. On May 2, customers paid cash for the installation job to be done on May 15. On May 8, The Sooner Company purchased installation supplies on account for the job. On May 15, the installation job was started and completed. May 20 Amount owed for supplies purchased on May 8 is paid. Assuming that the Sooner Company uses accrual-basis accounting, when would the company record the expense related to the supplies?
• Intoxicated but fully aware of the consequences, Uri agrees to a two-year cell-phone service contract with Wander Talk, Inc., at more than the average market price. This contract is _______
• The time frame associated with a balance sheet is: a. a point in time in the past. b. a one-year past period of time. c. a single date in the future. d. a function of the information included in it. e. a two-year comparative period of time.
• Raphael wants to purchase a new computer and go to the Caribbean for spring break. The computer is priced at $1,299, and the vacation is priced at $800. He has only $1,574 in his checking account, so he cannot afford to purchase both. After much thought, Raphael buys the computer and writes a check for $1,299. Identify what role money plays in each of the following parts of the story.
• Which of the following statements about minimum payments is INCORRECT? A. Minimum payments are typically only 2-4% of your total debt.​ If you send in the minimum payment, you will be charged a late fee. C You will still pay interest on your balance if you submit the minimum payment. D Paying the minimum means you are only paying off a portion of your total debt.
• Wal-Mart has a highly sophisticated system of recording data and being able to view results. For instance, Wal-Mart managers know from their scanner data that five pairs of Wrangler Blue Jeans were sold from 10:00 a.m. to 11:00 a.m. on a certain day, and by what size. If the sales were made via credit card, Wal-Mart also knows "who," and has developed histories of what combinations of products its customers buy. The preceding is an observational situation involving which of the following? a. people watching people. b. people watching phenomena. c. machines watching people. d. machines watching phenomena. e. all of these are observation situations.
• Here are five harmful activities conducted in the business environment:
• Americans spend the largest portion of their budget on _____
• Middle managers spend most of their time a. on the telephone. b. managing inventory. c. in meetings. d. implementing plans of top managers. e. supervising production employees.
• What is the effect of import restrictions on prices?