In a Market System, the What Decision Is Made Most

question 43

Multiple Choice

In a market system, the what decision is made most basically by

• A)representative government.
• B)national planning.
• C)bankers.
• D)advertisers and their ability to persuade buyers.
• E)spending decisions of those with money.

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Definitions:

Journal

A chronological record of all financial transactions, used to transfer information to a company's ledger.

Ledger

A book or collection of financial accounts of a particular type, often referred to as the final book of entry where transactions are summarized.

Trial Balance

A trial balance is a bookkeeping report that lists the balances in each of an organization's general ledger accounts to check the mathematical accuracy of the accounting entries.

Prepaid Insurance

An asset account representing insurance premiums paid in advance, which are expensed as the insurance coverage pertains to future accounting periods.