Institutions Are Created or Designed ______

question 23

Multiple Choice

Institutions are created or designed ______.

• A)from existing frameworks
• B)from a blank slate
• C)by a hierarchical process
• D)by the citizen they govern

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Definitions:

Long-Term Liabilities

Financial obligations of a business that are due more than one year in the future.

Current Liabilities

Debts or obligations that are due to be paid within one year or within the normal operating cycle.

Discount

A reduction applied to the regular price of products or services.

Note Payable

A written agreement in which one party promises to pay another party a certain amount of money at a specific future date or on demand.