Olin Is a White Male Who Is Taking a Diversity

question 74

Multiple Choice

Olin is a White male who is taking a diversity class. When the topic of White privi- lege is first introduced, Olin is most likely to

• A) feel empathy for groups with less privilege.
• B) feel under attack.
• C) experience an increase in his self-esteem.
• D) express collective guilt on behalf of his racial group.

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Definitions:

Fair Value

Fair value is an estimate of the market value of an asset, based on its current price in a fair and open market transaction.

Bonus Method

A method in accounting for partnerships where a new partner's investment is recorded at an amount that is different from the stated value of the partnership's net assets, affecting the capital accounts of the existing partners.

Journal Entry

A journal entry is a record of a business transaction in the accounting books, detailing the financial effects of that transaction.

Net Income

The company's net income following the deduction of all costs and taxes from its earnings.