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 vending machines and the snack food shelves.
4. Austin pays interest to himself on a loan he made to the business three years ago.