John Locke Argued in His Theory of Social Contract That

question 35

Multiple Choice

John Locke argued in his theory of social contract that

• A) the power of the king was supreme.
• B) while citizens sacrifice certain rights and then consent to be governed, they retain other inalienable rights.
• C) both parties agree upon conditions of the social order, in this case that England's Parliament would agree on rights for the colonial citizens.
• D) citizens sacrifice certain rights upon consent of the king or Parliament.
• E) Parliament rightly held veto power over the Continental Congress.

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Definitions:

Gross Profit

The difference between sales revenue and the cost of goods sold, before deducting overheads, payroll, taxation, and interest.

Periodic Inventory System

An inventory accounting system where updates to inventory levels are made at specific intervals, rather than continuously.

Adjusted Trial Balance

A list of all accounts and their balances after adjusting entries are made, used to prepare financial statements.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary accounts to permanent ones, preparing the company's books for the next period.