McCormick Trucking Serves as a Carrier for Several Private Oilfield

question 196

Multiple Choice

McCormick Trucking serves as a carrier for several private oilfield supply companies; it is classified as a ____ carrier.

• A) heavy-equipment
• B) long distance
• C) contract
• D) private
• E) common

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Definitions:

Asset

A resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide future benefit.

Liability

Obligations or debts that a company owes to others, which must be settled over time through the transfer of assets, provision of services, or other value.

Collection

The process of pursuing payments of debts owed by customers.

Net Loss

Occurs when total expenses exceed total revenues during a specific period of time, indicating negative profitability.