Which of the Following Terms Refers to the Degree of Inequality

question 72

Multiple Choice

Which of the following terms refers to the degree of inequality that exists and that is accepted among people with and without power?

• A) power distance
• B) strength differential
• C) span of control
• D) privilege difference

Describe the conceptual and practical distinctions between partnerships, limited liability companies (LLCs), and corporations.

Identify the requirements and legal status for corporations to be recognized as de jure, de facto, or by estoppel.

Explain the corporate citizenship concept and its implications for where a corporation can legally operate.

Understand the legal procedures for forming an LLC and the significance of articles of organization.

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Definitions:

Net Income

The residual earnings of a company following the subtraction of all costs and taxes from its revenue.

Costing Method

An accounting approach used to value inventory and determine the cost of goods sold, which can vary, such as FIFO (First-In, First-Out) or LIFO (Last-In, First-Out).

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated as the beginning inventory plus purchases minus the cost of goods sold.

Cost of Goods Sold

The direct costs tied to the production of the goods sold by a company, including materials and labor.