Not All Norms Are of Equal Importance; ____________Are Written Down

question 139

Multiple Choice

Not all norms are of equal importance; ____________are written down and involve specific punishments for violators. Laws are the most common type; they have been codified and may be enforced by sanctions.

• A) informal norms
• B) real norms
• C) formal norms
• D) ideal norms

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Definitions:

Credit Sales

Sales transactions in which the customer is allowed to pay for goods or services at a later date, creating accounts receivable for the seller.

Cash Disbursements

The total amount of cash payments made by a business, including expenses, purchases, and debt payments.

Material Purchases

The total cost of raw materials acquired for use in the production process.

Est. Cost of Goods Sold

An estimated figure representing the cost directly associated with the production of the goods sold by a company.