Costs Incurred in Operating a Business Are Also Known As

question 45

Multiple Choice

Costs incurred in operating a business are also known as:

• A)revenues.
• B)expenses.
• C)liabilities.
• D)dividends.

---

Definitions:

Statutory Law

A law enacted by the legislative branch of a government.

State Courts

Courts established by the laws of each state in the U.S. that have jurisdiction over disputes and cases within their respective states.

Supremacy Clause

A clause in the U.S. Constitution declaring that federal laws are the supreme law of the land and take precedence over state laws.

State Law

Laws established by individual states in the United States, as opposed to federal laws which apply to the entire country.