Issues Such as the Environment, Health Care, Retirement Benefits, and Taxation

question 59

Multiple Choice

Issues such as the environment, health care, retirement benefits, and taxation are on the political agenda in the United States because

• A) these are the only issues that are important to all Americans.
• B) these are the only problems that have yet to be solved by the free market.
• C) contemporary political parties mainly compete for the support of middle-class Americans and these issues are important to the middle class.
• D) the Constitution limits the federal government's powers to legislating on these issues.
• E) these are the only issues where Democrats and Republicans consistently agree with each other.

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Definitions:

Ledger

A comprehensive collection of a company's financial accounts.

Trial Balance

A Trial Balance is a bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit columns to ensure that total debits equal total credits.

Financial Statements

Reports that show the financial performance and position of a company, including the balance sheet, income statement, and cash flow statement.

Adjusting Entries

Journal entries made at the end of an accounting period to update the accounts for accruals and deferrals that have not been recorded during the period.