The Two Major Sources of Funding for the Powerful New

question 108

Multiple Choice

The two major sources of funding for the powerful new American research universities were

• A) tuition paid by undergraduate students and fees charged to those served by the universities.
• B) state land grants and wealthy, philanthropic industrialists.
• C) the federal government and local communities.
• D) income from successful patents and corporate research grants.
• E) churches and numerous private individual donors.

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Definitions:

Supplies Expense

The cost associated with the consumable items used in the operation of a business, such as office supplies or cleaning materials.

Adjusting Journal Entry

An entry in accounting that is made at the end of an accounting period to record any unrecognized income or expense for the period.

Income Tax Expense

The cost incurred by businesses or individuals due to earnings, represented as an expense in financial statements and affecting net income.

Retained Earnings

The portion of net income that is not distributed to shareholders as dividends but is kept by the company for reinvestment.