Providing Support to the Community Is an Example of A(n)

question 62

Multiple Choice

Providing support to the community is an example of a(n) _____ responsibility for a small business.

• A) discretionary
• B) economic
• C) ethical
• D) legal

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Definitions:

Owner's Capital

Represents the total equity of the owner in a business, which consists of the initial and additional investments minus any withdrawals.

18-Month Insurance

This term refers to a prepaid insurance policy that covers a period of 18 months, recognized as an asset initially and expensed over the duration of the coverage.

Weekly Payroll

The total sum of all employee earnings paid on a weekly basis.

Supplies on Account

Supplies purchased by a company on credit, for which payment will be made at a later date, increasing accounts payable.