The FTC Act Contains Very Specific Definitions of the Terms

question 71

True/False

The FTC Act contains very specific definitions of the terms "unfair" and "deceptive."

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Definitions:

Capital Balances

The amount of money that partners or shareholders have contributed to a business or the equity they have in a business.

Net Income

The total profit of a company after all expenses, including taxes and operational costs, have been deducted from total revenue.

Closing the Revenue

Closing the Revenue involves transferring the revenue earned during an accounting period to the capital account to prepare the company's books for the next period.

Original Investments

The capital that the owners or shareholders initially put into the business to fund operations.