The 1792 Election Was the First Presidential Race Following the Initial

question 51

Multiple Choice

The 1792 election was the first presidential race following the initial election of George Washington as first president, and Washington ran unopposed for his second term. Which of the following is true concerning this election?

• A) Washington was the only candidate because he did not allow anyone to oppose him.
• B) This was the first and the last presidential election in which there was no political party competition.
• C) It was later learned that Britain's king was supportive of Washington's candidacy.
• D) Political parties were illegal during this time so no legitimate competition could be formulated.
• E) It marked the beginning of a long era of the one-party system of government in the United States.

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Definitions:

Variable Costing

A costing approach that solely incorporates variable manufacturing expenses such as direct materials, direct labor, and variable manufacturing overhead into the costs per unit of product.

Income Statement

A financial statement that provides a summary of a company's revenues, expenses, and profits over a specific period, indicating financial performance.

Net Operating Income

A company's income after operating expenses are subtracted but before deducting interest and taxes.

Break-even Sales

refers to the amount of revenue needed to cover all fixed and variable costs, at which point a business neither makes a profit nor incurs a loss.