Guilds Performed All the Following Functions EXCEPT

question 37

Multiple Choice

Guilds performed all the following functions EXCEPT

• A)ensuring just prices.
• B)encouraging competition.
• C)extending aid to needy guild members and their families.
• D)fostering a sense of community among members through joint activities such as religious processions.
• E)ensuring the production of products of equal quality.

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Definitions:

Net Income

The net earnings of a business once all costs and taxes are subtracted from its total income.

Variable Costing

An accounting method that only includes variable production costs (direct materials, direct labor, and variable manufacturing overhead) in product costs, with fixed overhead treated as a period expense.

Absorption Costing

An accounting method that includes all manufacturing costs (fixed and variable) in the cost of a product.

Net Income

Net income is the total profit of a company after all expenses, taxes, and costs have been deducted from total revenue, often referred to as the bottom line.