In the First Year of His Presidency, President Bill Clinton's

question 69

Multiple Choice

In the first year of his presidency, President Bill Clinton's major goal, a program to assure affordable health care for all Americans, was defeated by ____________________.

• A) a close vote in the House of Representatives
• B) a betrayal by liberal Democrats who wanted to punish Clinton for being too conservative
• C) special interest groups that were too powerful to be defeated by the health-care task force
• D) the fear of the American public that the health-care plan was the first step toward socialized medicine

Grasp the concept of recording the payment for purchases and the impact of merchandise returns on financial statements.

Distinguish the accounts used and affected in the periodic inventory system.

Differentiate between the accounts impacted in the perpetual inventory system.

Know how to record freight charges and merchandise purchases on credit under both systems.

---

Definitions:

Production Cost

The total expense incurred in manufacturing a product or providing a service, including raw materials, labor, and overheads.

Remittances

Money sent back home by migrants to family members in their country of origin.

Emigrants

Individuals who leave their country of origin to live permanently in another country.

Capital Flight

The quick transfer of substantial amounts of money or assets from a country as a result of its economic or political instability.