When Ideas Are Passed Down from One Generation to Another

question 5

Multiple Choice

When ideas are passed down from one generation to another, they begin to solidify, become accepted, and then become __________.

• A) obsolete
• B) taboo
• C) dominant
• D) institutionalized

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Definitions:

Written Agreement

A formal contract which outlines the terms and conditions between parties in written form.

Income and Losses

A financial term encompassing the total earnings (income) and deductions (losses) affecting the net profitability of a business over a specific period.

Capital Balances

The amount of money that each partner has invested in a business, which can change over time with profits and losses.

Limited Liability Company

A business framework that combines sole proprietorship or partnership tax benefits with the limited liability protection typical of a corporation.