All of the Following Statements Are Correct EXCEPT

question 94

Multiple Choice

All of the following statements are correct EXCEPT:

• A)Successful businesses seek to meet their social and ethical responsibilities.
• B)Business provides goods and services necessary to an economic system.
• C)Business is the economic pulse of a nation.
• D)Business includes nonprofit organizations that provide services to the public.

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Definitions:

Amortization

Amortization is the process of gradually writing off the initial cost of an intangible asset over its useful life, reflecting its consumption or decline in value.

Intangible Assets

Non-physical assets such as patents, copyrights, and goodwill that have value to a business.

Utility

A measure of the satisfaction or benefit derived from consuming goods and services.

Allocation

The process of assigning a cost, or a group of costs, to one or more cost objectives, in reasonable proportion to the benefits provided or other equitable relationship.