When the Automobile Replaced the Horse as the Primary Means

question 41

Multiple Choice

When the automobile replaced the horse as the primary means of transportation, the unemployment rate of blacksmiths increased. This was an example of

• A) cyclical unemployment.
• B) frictional unemployment.
• C) seasonal unemployment.
• D) structural unemployment.

Understand how to effectively position and promote products to specific target markets.

Understand the principles of how partnerships are formed, including the significance of having a partnership agreement.

Recognize the roles and responsibilities of partners in a partnership, and how authority and liability are shared.

Analyze the implications of partner actions on the liability and financial obligations of the partnership.

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Definitions:

Consumption Method

An accounting practice that records the cost of goods sold at the time they are consumed or sold, as opposed to when they are purchased.

Office Supplies

Items needed for the daily operations of a business, such as pens, paper, and staplers.

Government-Wide Financial Statements

Comprehensive financial reports that present the financial position and results of operations of all governmental activities and entities.

Debt Service Fund

A fund established to account for the accumulation of resources for, and the payment of, long-term debt principal and interest.