In a Particular Country,the Government Owns All the Transportation Companies,the

question 85

Multiple Choice

In a particular country,the government owns all the transportation companies,the utilities,the energy suppliers,and major manufacturing firms.Small businesses are privately owned.What type of economic system does this country have?

• A)capitalism
• B)communism
• C)socialism
• D)mixed economy

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Definitions:

Note Payable

A written promise to pay a specific sum of money on a future date or dates, typically with interest.

Journal Entry

A record in accounting that notes the debit and credit effects of a financial transaction.

Truck Purchase

The acquisition of a truck, which is a capital investment and may be classified as a fixed asset on the balance sheet.

Office Supplies

Items and materials used in offices for daily work activities, including paper, pens, and office equipment.