When Betty Tran Prepared a Personal Income Statement, She Subtracted

question 76

Multiple Choice

When Betty Tran prepared a personal income statement, she subtracted her expenses from her income. What is the remainder or residual value called?

• A) total assets
• B) total revenues
• C) retained earnings
• D) cash surplus

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Definitions:

1970s

A decade characterized by significant political, social, and economic changes worldwide, including the end of the Vietnam War and the oil crisis.

Unemployment Rate

The share of the labor market that is unoccupied but searching for jobs.

Cyclical Unemployment

Unemployment that arises during periods of economic downturn or recession, reflecting the overall health of the economy rather than individual or structural factors.

Frictional

Pertaining to the period of time and inefficiency in processes where resources, especially labor, move from one employment to another, contributing to transient joblessness.