Which of the Following Is the Study of How a Society

question 151

Multiple Choice

Which of the following is the study of how a society uses scarce resources to produce and distribute goods and services?

• A) finance
• B) acculturation
• C) economics
• D) marketing

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Definitions:

Prepaid Expenses

Payments made for goods or services to be received in the future, recognized as assets on the balance sheet until they are incurred.

Journal Entry

A record of financial transactions in the accounting books of a business, indicating the accounts affected and the amounts.

Credits

Refers to the accounting entries that increase liabilities or decrease assets, representing the opposite effect of debits in double-entry bookkeeping.

Liability Accounts

Accounts on a balance sheet that represent obligations or debts that a company owes to others, which must be settled over time through the transfer of economic benefits including money, goods, or services.