Response to the following questions:
1. Sometimes a retailer will not accept American Express, but will accept MasterCard or VISA. Why would a retailer accept one and not the other?
2. Assume that you purchased merchandise with credit terms 2/10, n/30. On the date the invoice is due, you don't have the cash to pay the invoice. However, you can borrow the necessary money at an 8% annual interest rate. Should you borrow the money to pay the invoice? Explain.
3. Can a business earn a gross profit but incur a net loss? Explain.