Political Parties Serve to

question 47

Multiple Choice

Political parties serve to

• A) link the public with its elected leaders.
• B) enable people with different backgrounds and opinions to act together.
• C) offer the public a choice between policies and leaders.
• D) provide potential leaders an opportunity to attain public office.
• E) All of these answers are correct.

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Definitions:

Cost flow assumption

An accounting method that determines how costs are allocated to inventory and cost of goods sold, such as FIFO, LIFO, or weighted average.

Gross profit

The difference between sales revenue and the cost of goods sold before accounting for operating expenses, interest, taxes, etc.

Ending merchandise inventory

The worth of products on hand for purchase at the conclusion of a financial period.

Rising prices

A situation in an economy where the general level of prices for goods and services is increasing over a period of time.