The University of Texas In-State Tuition and Fees for the Semester

question 45

Multiple Choice

The University of Texas in-state tuition and fees for the semester amount to $4,300. Joe Smith was working as a graduate assistant in the College of Psychology which waived $4,120 of the tuition. What accounts should be debited when recording the collection of this money?

• A) Cash for $4,300
• B) Cash for $4,120 and Tuition Discount for $180
• C) Cash for $180 and Expense for $4,120
• D) Cash for $180 and Tuition Discount for $4,120

Analyze the shortsightedness effect and its impact on political decision-making and economic policy.

Explain the dynamics of representative democracy and its potential to lead to inefficient government programs due to the distribution of costs and benefits.

Understand the lack of incentives for operational efficiency in the public sector and the factors contributing to it.

Recognize the predictable side effects of increased government activity, such as rent-seeking behavior.

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Definitions:

Simple Majority Vote

A voting method where the choice receiving more than half of the votes wins, as opposed to an absolute majority that may require a higher threshold.

Operating Agreement

An agreement containing various rights, provisions, and powers that aid in establishing the bylaws of an LLC.

Legal Rights

Rights bestowed upon individuals or entities by the law, protecting their interests and enforcing duties upon others.

Asset Acquisition

The purchase of all the property of a corporation by another corporation.