Match the Terms with the Definitions

question 25

Multiple Choice

Match the terms with the definitions.

-A formal written promise to pay a supplier or lender a specified sum of money at a definite future time.

• A) account
• B) accounts payable
• C) accounts receivable
• D) accounting equation
• E) assets
• F) balance sheet
• G) business entity
• H) business entity concept
• I) business transaction
• J) drawing
• K) expenses
• L) income statement
• M) liability
• N) net income
• O) net loss
• P) notes payable
• Q) owner's equity
• R) revenues
• S) statement of owner's equity

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Definitions:

U.S. Government

The federal government of the United States, a constitutional republic comprising three branches: executive, legislative, and judicial.

Antipoverty Program

Initiatives or policies designed to reduce poverty levels and improve the economic conditions of the less privileged in a society.

Earned Income Tax Credit

A refundable tax credit for low- to moderate-income working individuals and families, particularly those with children.

Means-Tested

A method for determining whether an individual or family is eligible for government assistance based on their income or resources.