The Fastest-Growing Component of U.S.personal Consumption Is Services

question 36

True/False

The fastest-growing component of U.S.personal consumption is services.

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Definitions:

Ledger

A-book or digital record that summarizes and categorizes all financial transactions of a business during an accounting period.

Normal Debit Balance

The expected balance type of an account based on conventional accounting rules; assets and expenses usually have a normal debit balance.

Company's Records

Documentation and books kept by a company containing important information such as financial transactions, contracts, and employee records.

Bank Statement

A document issued by a bank summarizing the transactions that have occurred over a given period in a bank account.