Within a Group, Certain People Have High Status and Corresponding

question 1

Multiple Choice

Within a group, certain people have high status and corresponding advantages and others have low status and few advantages, while many are somewhere in between. This arrangement of people in order of importance is called a(n)

• A) hierarchy.
• B) social ladder.
• C) chain of command.
• D) affront to democracy.

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Definitions:

Vouchers Payable

An accounting term used to represent records of transactions or evidence of expenditure awaiting payment.

Withdrawals

A subdivision of owner’s equity that records money or other assets an owner withdraws from a business for personal use.

Vouchers Payable

Short-term obligations or liabilities that represent amounts owed to suppliers or creditors, which are supported by documentary evidence of the transaction.

Accounts Payable

Liabilities or amounts owed to creditors for goods and services that have been received but not yet paid for by the business.