In Every Economic System,scarcity Imposes Limitations on

question 132

Multiple Choice

In every economic system,scarcity imposes limitations on

• A) households,business firms,governments,and the nation as a whole
• B) households and business firms,but not the governments
• C) local and state governments,but not the federal government
• D) households and governments,but not business firms
• E) business firms,governments,and the nation as a whole

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Definitions:

Bank Reconciliation

The process of matching and comparing figures from accounting records against those presented on a bank statement to ensure consistency and accuracy in financial records.

Voucher System

A control mechanism in accounting to ensure that every payment is properly authorized and recorded.

Liability

A company’s legal financial debts or obligations that arise during the course of business operations.

Cash Payment

A transaction where payment for goods or services is made immediately using cash or a cash equivalent, as opposed to credit.