Historically Free Made Promises Were Not Enforced Unless They Had

question 29

Multiple Choice

Historically free made promises were not enforced unless they had what supporting them?

• A) Witnesses of good character
• B) A signed statement of the Secretary of State
• C) Consideration
• D) Affidavits of profit attached to the promise

---

Definitions:

Variable Costs

Expenses that vary directly with the level of production or sales volume, such as raw materials and direct labor.

Revenues

The gross increase in owner’s equity resulting from business activities entered into for the purpose of earning income.

Fixed Costs

Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance.

Nonfinancial Information

Data that relates to the operational, environmental, and social aspects of a business, which cannot be easily quantified in monetary terms.