Minor Offenses That Are Typically Punishable by Small Fines and That

question 134

Multiple Choice

Minor offenses that are typically punishable by small fines and that produce no criminal record for the offender are called:

• A) felonies.
• B) misdemeanors.
• C) civil infractions.
• D) criminal elements.
• E) civil elements.

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Definitions:

Net Income

The amount of money that remains from revenues after all expenses, taxes, and costs have been subtracted; a crucial indicator of a company's profitability.

Ending Inventory

The value of goods available for sale at the end of an accounting period.

Owner's Equity

The residual interest in the assets of a business after all liabilities have been deducted, often referred to as shareholder's equity or net worth.

Inventory Errors

Mistakes in the counting, recording, or valuation of inventory, which can lead to inaccuracies in financial statements.