Edgar owns and operates a minimart. State which of the actions below are business transactions. Explain why any other actions are not regarded as transactions.

1. Edgar reduces the price of a gallon of milk in order to match the price offered by a competitor. E-3 2. Edgar pays a high school student cash for cleaning up the driveway behind the market.

3. Edgar fills his son's car with gasoline in payment for restocking the vending machines and the snack food shelves.

4. Edgar pays interest to himself on a loan he made to the business three years ago.