Private Property Rights

question 106

Multiple Choice

Private property rights:

• A) are essential elements of a market economy.
• B) do not need to be enforced in market economies.
• C) must be established before a socialist economy can function properly.
• D) ensure an equitable distribution of income in market economies.

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Definitions:

Debit Total

The debit total represents the sum of all debit entries recorded in an account during a financial period.

Credit Total

The sum of all credit entries in an account or financial transaction.

Net Income

The final profit of a business, calculated by removing all expenditures, taxes, and financial losses from the total income.

Adjusted Trial Balance

A list of all accounts and their balances after adjustments are made, used to prepare financial statements.