MATCHING Match Each Description with the Item Below

question 31

Multiple Choice

MATCHING
Match each description with the item below.
-William Jennings Bryan

• A)was secretary of state; called Spanish-American War "a splendid little war"
• B)was the Democratic presidential candidate in 1900
• C)wrote Our Country: Its Possible Future and Its Present Crisis
• D)negotiated an agreement with Japan concerning the future of Korea
• E)was elected vice president in 1900
• F)owned the New York Journal
• G)proposed returning Queen Liliuokalani to Hawaiian throne
• H)wrote The Influence of Sea Power upon History
• I)acquired Alaska for the United States
• J)captured Manila Bay

Understand the difference between multiple-step and single-step income statements.

Identify and classify different types of expenses and losses.

Understand the composition and calculation of net income.

Recognize how inventory is classified in financial statements.

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Definitions:

Operating Costs

Expenses associated with the day-to-day functioning of a business, including costs for rent, utilities, payroll, and raw materials.

Discretionary Income

The portion of a person's income remaining for investment, savings, or expenditures after deducting taxes and essential living costs such as housing and food.

Personal Income

Refers to the total earnings received by individuals, including wages, salaries, bonuses, and income from investments.

Discretionary Income

the portion of an individual's income available for spending after the essentials (like food, shelter, and clothing) have been taken care of.