The First U

question 55

Multiple Choice

The first U.S.Prison constructed and operated by a private organization was:

• A)Auburn Penitentiary.
• B)Attica Correctional Facility.
• C)Pontiac Prison in Illinois.
• D)San Quentin.

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Definitions:

Loss

A financial condition where expenses exceed revenue, resulting in a negative profit for a business.

Income Statement

An income statement is a financial statement that reports a company's financial performance over a specific accounting period, detailing revenues, expenses, and profits or losses.

Net Income

The net income a company generates once it subtracts all costs and taxes from its total earnings.

Indirect Method

A technique used in preparing the cash flow statement, where net income is adjusted for changes in balance sheet accounts to calculate operating cash flow.