A Classless Society and Economic System Where All the Factors

question 13

Multiple Choice

A classless society and economic system where all the factors of production are owned by workers and people share production according to their needs describes:

• A) capitalism.
• B) communism.
• C) the invisible hand.
• D) a mixed economy.

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Definitions:

Trial Balance

A list of all general ledger accounts and their balances at a particular time, ensuring that debits equal credits in the double-entry accounting system.

Normal Balances

The side (debit or credit) of an account that is expected to have a higher balance given the account type's role in accounting.

Ledger

A book or collection of financial accounts in which the two-fold effect of transactions are recorded.