A Large Scholarship Is Available Only to Students Whose Parents

question 91

Multiple Choice

A large scholarship is available only to students whose parents are alumni from a certain university. What is reinforced by this criterion for scholarship application?

• A) meritocracy
• B) social exclusion
• C) professionalization
• D) credential inflation

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Definitions:

Credit Sale

A transaction where goods or services are provided to a customer with the agreement that payment will be made at a later date.

Record Keeping

The practice of maintaining and preserving documents, files, and records related to financial transactions for future reference.

Credit Terms

The conditions under which credit is extended by a seller to a buyer, including payment deadlines and any possible discounts for early payment.

General Journal Entries

Entries made in the general journal to record financial transactions in the accounting system.