The Accumulation of Past Income, Natural Resources, and Financial Resources

question 137

Multiple Choice

The accumulation of past income, natural resources, and financial resources is known as

• A) income.
• B) collected income.
• C) credit.
• D) wealth.
• E) savings.

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Definitions:

Goods

Physical items that are produced, bought, or sold with the aim to satisfy the wants or needs of consumers.

Services

Actions or activities provided to satisfy the needs and wants of consumers without resulting in the ownership of a tangible product.

Seller

An individual or entity that offers goods or services for sale.

Cash Discount

An incentive for early payment, reducing the buyer's total amount owed.