In Times of Economic Stress When There Is Great Competition

question 17

Multiple Choice

In times of economic stress when there is great competition for jobs and resources,notably among the working or lower classes,immigrants are seen as competing for jobs and other benefits which often results in resentment.This form of racism is associated with what the textbook called

• A)survival of the fittest mentality
• B)survivor mindset
• C)lifeboat mentality
• D)cutthroat racism
• E)class envy racism

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Definitions:

Expense

Expense is the cost of operations that a company incurs to generate revenue, encompassing everything from rent and salaries to utilities and materials.

Periodic Inventory Method

An accounting method which involves physically counting the inventory at specific intervals to determine the cost of goods sold and the ending inventory balance.

Income Summary

An account used in the closing process that aggregates all income and expenses to determine the net income or loss for the period.