A System in Which the Government Essentially Owns and Controls

question 139

Multiple Choice

A system in which the government essentially owns and controls all production is called

• A)capitalism.
• B)socialism.
• C)a market system.
• D)a laissez faire system.
• E)a mixed economy.

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Definitions:

Income Statement

This document summarizes a company's revenue and expenses to highlight the net profit or loss during a particular period.

Sales

The total revenue generated from goods or services sold by a company during a specific period.

Percent Change

A mathematical calculation that shows how much a quantity has increased or decreased as a percentage of its previous value.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns to check the accuracy of financial transactions.