Economists, Like Mathematicians, Physicists and Biologists

question 52

Multiple Choice

Economists, like mathematicians, physicists and biologists,

• A)make use of the scientific method.
• B)try to address their subject with a scientist's objectivity.
• C)devise theories, collect data, and then analyse these data in an attempt to verify or refute their theories.
• D)All of the above are correct.

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Definitions:

Income Summary

An account used in the closing process during the accounting cycle that sums up all revenues and expenses for the period to determine the net income or loss for the period.

Retained Earnings

The sum of a company's earnings up to the present, reduced by any shareholder dividends or distributions.

Total Assets

The sum of all assets owned by a company, including both current and fixed assets, as represented on the balance sheet.

Dividends

Disbursements issued by a company to its shareholders, usually sourced from the organization's earnings.