In ______, President Obama Signed a New Version of the Federal

question 5

Multiple Choice

In ______, President Obama signed a new version of the federal education law (the Elementary and Secondary Education Act) entitled Every Student Succeeds Act.

• A) 2008
• B) 2012
• C) 2015
• D) 2016

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Definitions:

Equipment

Tangible property used in operations, such as machinery and office hardware, which has a useful life longer than one year.

Income Statement

A financial report that shows the revenues, expenses, and profits or losses of a company over a specific period.

Balance Sheet

A financial report detailing a company's financial status at a certain moment, illustrating its assets, liabilities, and shareholders' equity.

Owner's Equity Statement

A financial document that outlines the changes in the ownership interest (equity) of a sole proprietorship or individual owner during a reporting period.