Which Is a Generalization About the Local Community That Can

question 40

Multiple Choice

Which is a generalization about the local community that can be made from an investigation of local census data?

• A) Our community has no Asian residents.
• B) The population of our community has grown very little since the last census.
• C) Our city is named for its first permanent settler.
• D) More houses in our community are valued at $60,000 to $75,000 than are valued at $250,000 to $500,000.

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Definitions:

Significant Risks

Major threats or uncertainties that could potentially impact an entity's operations, financial performance, or reputation significantly.

Economic Benefits

Refers to the advantages or gains, often measured in terms of revenues or savings, that an entity expects to receive as a result of certain actions or investments.

Transaction Costs

Incremental direct costs that are directly attributable to the acquisition, issue, or disposal of a financial asset or financial liability.

Revenue Recognition

An accounting principle that outlines the specific conditions under which revenue is recognized within the financial statements.