After the November 2010 Elections, the Switch from Liberal Democrats

question 1

Multiple Choice

After the November 2010 elections, the switch from liberal Democrats to conservative Republicans in power saw several states move toward ending:

• A)collective bargaining by public employees.
• B)the Employee Free Choice Act.
• C)the Worker Adjustment and Retraining (WARN)Acts.
• D)the Workers' compensation Act.

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Definitions:

Relevant Range

The range of activity within which the assumptions about fixed and variable cost behaviors are valid.

Sunk Cost

A past cost that has already been incurred and cannot be recovered, which should not influence future financial or business decisions.

Net Operating Income

The profit generated from a company's ordinary, day-to-day business operations, calculated by subtracting operating expenses from gross profit.

Contribution Approach

A method of income statement presentation where variable costs are deducted from sales to find the contribution margin.