The Best Description of the Ownership Structure of the Media

question 43

Multiple Choice

The best description of the ownership structure of the media in the United States is that

• A)the media are owned by the government.
• B)the media are owned mostly by local companies in the areas served by the media outlets.
• C)most newspapers are held by local companies, but other media are held by corporate titans.
• D)the media are mostly owned by a small number of giant corporations.

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Definitions:

Income Statement

A financial statement that provides a summary of a company's revenues, expenses, and profitability over a specific period.

Petty Cash Receipts

Petty cash receipts are documents that record the disbursements made from a petty cash fund for small, incidental expenses.

FIFO

"First In, First Out," an inventory valuation method where goods first bought are the first to be sold, affecting the costs reported in the financial statements.

Gross Profit

The difference between revenue and the cost of goods sold before deducting selling, general, and administrative expenses.