By 2060, Minorities Are Expected to Increase and Comprise Half

question 3

Multiple Choice

By 2060, minorities are expected to increase and comprise half of the U.S. population. The number of elderly Americans will double by 2050.

• A) Both statements are true.
• B) Both statements are false.
• C) The first statement is true; the second statement is false.
• D) The first statement is false; the second statement is true.

---

Definitions:

GAAP

Stands for Generally Accepted Accounting Principles, which are a common set of accounting principles, standards, and procedures that companies must follow when they compile their financial statements.

Accrued Interest

Interest that has been incurred but not yet paid, representing the amount of interest that accrues on a loan or bond between payment periods.

Securities Available For Sale

Financial assets that a company holds with the intention of selling them in the short to medium term for profit.

Journalize

The process of recording business transactions in the general journal by making entries that describe the transaction, amounts involved, and accounts affected.