The Taft-Hartley Act

question 7

Multiple Choice

The Taft-Hartley Act

• A) established the first minimum wage.
• B) allowed individual states to pass right-to-work laws prohibiting compulsory union membership.
• C) required management to bargain in good faith with union representatives.
• D) set up the process by which unions could be recognized as the exclusive bargaining agents for a group of workers.

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Definitions:

Credited

An accounting entry that increases a liability or equity account, or decreases an asset or expense account.

Permanent Accounts

Accounts in the general ledger that are not closed at the end of the accounting period, including asset, liability, and equity accounts.

Closing Entries

Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts.

Revenue

The aggregate revenue from selling goods or services, which constitute a firm's central business functions.