Business transactions
Austin owns and operates a minimart. Which of Austin's actions described below are business transactions? Explain why any other actions are not considered business transactions.
1. Austin reduces the price of a gallon of milk in order to match the price offered by a competitor.
2. Austin pays a high school student cash for cleaning up the driveway behind the market.
3. Austin fills his son's car with gasoline in payment for his son's restocking the vend- ing machines and the snack food shelves.
4. Austin pays interest to himself on a loan he made to the business three years ago.