Households Supply Four Basic Types of Resources

question 29

Multiple Choice

Households supply four basic types of resources.They include all of the following except

• A)natural resources
• B)final goods and services
• C)capital
• D)entrepreneurial ability
• E)labor

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Definitions:

Income Tax Expense

The cost to a company for its taxable income, calculated according to the applicable tax laws governing the period.

Accrued Vacation Benefits

The amount of vacation time earned by employees but not yet taken or paid out, often recorded as a liability on the employer's balance sheet.

Adjusting Entry

An accounting entry made in the general ledger to update the book values of assets, liabilities, revenues, and expenses at the end of an accounting period.

Estimated Liabilities

Obligations that a company expects to settle in the future, the amount and/or timing of which are uncertain.