The Current and Future Role and Responsibilities of Business Are

question 22

Multiple Choice

The current and future role and responsibilities of business are in many ways ultimately dependent on the degree of ________ that the people have in business.

• A)faith
• B)hope
• C)optimism
• D)trust
• E)devotion

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Definitions:

Percentage of Completion

An accounting method used to recognize revenues and expenses of long-term contracts as a percentage of work completed during the period.

Revenue Recognition

Accounting principle determining the specific conditions under which revenue is recognized or recorded.

Production

The process by which raw materials are transformed into finished goods through the use of labor, machinery, and processes.