Examples of business transactions

The correct answers are purchases, liabilities, and payments.

Explanation:

– Purchases represent buying goods or services, which is a direct business transaction.

– Liabilities refer to financial obligations (debts) that a business owes, arising from transactions such as loans or credit purchases.

– Payments are transactions where money is exchanged to settle debts or for goods/services received.

Net income, while an important financial measure, is not a transaction itself but rather the result of business transactions (revenues minus expenses).