A Trade Union

question 113

Multiple Choice

A trade union

• A) is essentially a partnership.
• B) may not engage in activities in restraint of trade.
• C) may not deny membership to persons already belonging to other unions.
• D) may compel an employer to recognize it as the exclusive bargaining representative of the employees by means of a lawful strike.
• E) None of the responses are correct.

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Definitions:

Net Sales

The financial income a business earns from sales activities, minus the deductions for returns, damaged or lost items allowances, and discounts.

Gross Profit

The financial gain obtained after deducting the cost of goods sold from total sales revenue.

Income from Operations

The profit realized from a business's ongoing operations, calculating the difference between revenues from operations and operational expenses.

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to update the balances of accounts.