This Group of Resources, Which Includes Chrome and Manganese, Is

question 24

Multiple Choice

This group of resources, which includes chrome and manganese, is used in many technology applications, and the United States imports many of these resources 100 percent:

• A) rare earths.
• B) nonfuel minerals.
• C) rare minerals.
• D) mineral gems.

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Definitions:

Asset Account

An account recorded on the balance sheet that represents items of value owned by a company, such as cash, inventory, buildings, and equipment.

Straight-line Method

A method of calculating depreciation by uniformly distributing the cost of an asset minus its salvage value over its useful life.

Gain on Sale

The financial benefit that occurs when the selling price of an asset exceeds its original purchase price.

Loss on Sale

Loss on Sale occurs when the selling price of an asset is less than its carrying amount on the books, resulting in a financial loss.