When the Delphi Oracle Pronounced Socrates to Be the Wisest

question 2

Multiple Choice

When the Delphi Oracle pronounced Socrates to be the wisest of people, Socrates thought the pronouncement referred to the fact that he:

• A) was aware of the ignorance of most other philosophers.
• B) was aware of his ignorance.
• C) was aware of everything and nothing.
• D) never wrote anything.

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Definitions:

Owner's Equity Statement

A financial statement showing the changes in the equity of the company’s owners over a reporting period.

Net Income

The overall income a company retains following the deduction of all costs, such as taxes and operational expenses, from its gross revenue.

Assets

Resources owned by a company from which future economic benefits are expected to flow to the entity.

Balance Sheet

A financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a basis for computing rates of return and evaluating its capital structure.