The Social Class System in the United States

question 265

Multiple Choice

The social class system in the United States

• A)does not affect how people spend,but it does affect how they save.
• B)may put people with the same income level in different social classes.
• C)is based on a person's educational level.
• D)is much more rigid than in Europe and Asia.
• E)does not affect people's attitudes.

---

Definitions:

Acquisition of Fixed Assets

The process of obtaining physical assets that are expected to be used in producing goods or services for a period longer than one fiscal year.

Notes Payable

Short or long-term financial obligations represented by promissory notes that a business owes and has promised to pay by a certain date.

Common Stock

Equity securities that represent ownership shares in a company, providing voting rights and potential dividends to shareholders.

Days' Sales in Inventory

A financial metric indicating the average number of days a company takes to sell its inventory.