Examples of business transactions include: (Select all that apply) net income. purchases. liabilities. payments.
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Examples of business transactions include: (Select all that apply) net income. purchases. liabilities. payments.
The correct answers are:
1. Purchases
2. Payments
Explanation: Business transactions typically involve exchanges of goods or services for payment, which includes purchases (when a business buys goods or services) and payments (when a business pays for expenses). Net income and liabilities are results of transactions rather than transactions themselves. Net income reflects profitability after expenses are deducted, and liabilities are obligations the business owes.