The Set of Acquired Skills and Abilities That Workers Bring

question 46

Multiple Choice

The set of acquired skills and abilities that workers bring to the production of goods and services is:

• A) money.
• B) wealth.
• C) human capital.
• D) natural ability.

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Definitions:

Expense Account

A category within accounting that tracks money spent or costs incurred by a business in its operational activities.

Income Summary

An account used temporarily during the closing process to aggregate all income and expense accounts before transferring their balances to the retained earnings account.

Current Assets

Assets that are expected to be converted into cash, sold, or used within a year, including cash, inventory, and receivables.

Current Liabilities

Short-term financial obligations that are due within one year or within the normal operating cycle of a business, whichever is longer.