Almost All Countries Have Some Division of Social Class (Upper

question 105

Multiple Choice

Almost all countries have some division of social class (upper, middle, and lower) . The determining factor for the assignment to one of these classes may differ from country to country. For example, in the United States, the primary determining factor is occupation; in India, it is birthright; in China, it is geographical region and education; and in Singapore, it is income. These differences are best explained in terms of a country's

• A) semiotics.
• B) legal system.
• C) ethnocentricity.
• D) religion.
• E) values.

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Definitions:

Gain on Sale of Investment

The profit realized from selling an investment for more than its purchase cost.

Fair Value

The estimated market value of an asset or liability based on current prices in an open and competitive market.

Equity Securities

Financial instruments that represent ownership in a company, such as stocks, entitling holders to dividends and capital gains.

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or within the normal operating cycle of a business.