Which of the Following Is an Example of an Activity

question 172

Multiple Choice

Which of the following is an example of an activity undertaken by an entrepreneur?

• A)designing your landscaping for your new home
• B)holding a position as the president of a liberal arts college
• C)running for the president of the United States
• D)starting your own pet sitting business

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Definitions:

Closing Entry

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company's books for the next period.

Debit and Credit

Fundamental concepts in double-entry bookkeeping, where debits are entries on the left side of an account and credits are entries on the right.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, resulting in a net income or loss.