In Which of the Following Schemes for Dividing Up Resources

question 19

Multiple Choice

In which of the following schemes for dividing up resources does everybody get the same rewards?

• A) The principle of need.
• B) Equality.
• C) Equity.
• D) Forbearance.

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Definitions:

Cost Of Goods Sold

represents the direct costs attributable to the production of the goods sold by a company, including material, labor, and manufacturing overhead costs.

Master Budget

The master budget is a comprehensive financial planning document that consolidates all of a company's individual budgets relating to sales, costs, operations, and capital.

Product

Any item or service offered to the market for consumption, use, or acquisition.

Merchandise Inventory

Goods that a company holds for the purpose of selling to customers in the ordinary course of business.