A Property Right Is

question 104

Multiple Choice

A property right is

• A)any commodity or token that is generally acceptable as a means of payment.
• B)an economic unit that hires factors of production and organizes those factors to produce and sell goods and services.
• C)any arrangement that enables buyers and sellers to get information and to do business with each other.
• D)a social arrangement that governs the ownership,use,and disposable of anything that people value.
• E)a medium of exchange.

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Definitions:

Dishonored Note

A promissory note that has not been paid by the maker at its maturity date, resulting in a default.

Journalize Entry

The act of recording a transaction in the accounting journal as part of the bookkeeping process.

Accounts Receivable Turnover

A financial metric indicating how often a company collects its average accounts receivable within a period, showing its efficiency in credit and collections.

Days' Sales in Receivables

A financial ratio that measures how well a company is managing its accounts receivable by calculating the average number of days it takes to collect payments from customers.