An Exchange Between Two Parties of Economic Consideration Such as Goods

question 184

Multiple Choice

An exchange between two parties of economic consideration such as goods, services, money, or rights to collect money is called:

• A)An audit.
• B)The accounting equation.
• C)Bookkeeping.
• D)A business transaction.
• E)A gift.

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Definitions:

Scientific Management

An early 20th-century management theory proposing the optimization of labor productivity through scientific studies of work methods and processes.

Frederick Taylor

An American mechanical engineer who sought to improve industrial efficiency and is considered the father of scientific management.

Bureaucratic Organizations

Organizations characterized by strict rules, hierarchical relationships, and a focus on procedure and protocol over flexibility and adaptability.

Weber

Refers to Max Weber, a German sociologist and political economist whose theories significantly contributed to the study of sociology and the analysis of bureaucracy.