Use the Following Balance Sheet and Income Statement to Answer

question 154

Multiple Choice

Use the following Balance Sheet and Income Statement to answer the question. What is the Gross Profit for the period ended December 31, 2010?

• A)$35,000
• B)$13,000
• C)$22,000
• D)$ 7,000

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Definitions:

Taft-Hartley Act

A 1947 U.S. federal law that restricts the activities and power of labor unions, also known as the Labor Management Relations Act.

Landrum-Griffin Act

Federal law that primarily governs the internal operations of labor unions. It requires financial disclosures by unions, establishes penalties for financial abuses by union officials, and includes “Labor’s Bill of Rights” to protect employees from their own unions.

Labor Unions

Organizations that represent the collective interests of workers, negotiating wages, benefits, and working conditions with employers.

Secondary Boycott

An illegal labor action in which unionized employees who have a labor dispute with their employer boycott another company to force it to cease doing business with their employer.