Sociologists Often Use the Term______________to Refer to a Combined Measure

question 125

Multiple Choice

Sociologists often use the term______________to refer to a combined measure that attempts to classify individuals,families,or households in terms of factors such as income,occupation,and education to determine class location.

• A)power status
• B)socioeconomic status
• C)prestige status
• D)wealth status

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Definitions:

Contra-Asset

A contra-asset account is an asset account where the balance of the account will either be a zero or a negative figure, which offsets the balance of the related asset account.

Doubtful Accounts

Receivable accounts that may potentially become bad debts as the likelihood of collection is uncertain.

Balance Sheet

The balance sheet is a financial statement that shows a company's financial position at a specific point in time, listing assets, liabilities, and shareholders' equity.

Allowance Method

Bases bad debt expense on an estimate of uncollectible accounts.