Which of the Following Is Not a Characteristic of Capitalism

question 41

Multiple Choice

Which of the following is not a characteristic of capitalism?

• A) private ownership of the factors of production
• B) businesses make their own product and price decisions
• C) public ownership of the factors of production
• D) decentralized decision-making using markets

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Definitions:

Drawing

Withdrawals of cash or other assets from a business by the owner for personal use, affecting the owner's equity.

Drawing Accounts

Personal accounts of the owners or partners in a business representing withdrawals of the business's assets for personal use.

Revenue Accounts

are ledger accounts that track the income earned by a company from its normal business operations, which is then reported on the income statement.

Expense Accounts

Accounts used in accounting to record all expenses transactions made by a business.