Which of the Following Is a CORRECT Sequence of Events

question 153

Multiple Choice

Which of the following is a CORRECT sequence of events during an expansion?

• A)unemployment falls,income falls,tax revenue falls,unemployment benefits rise,and the budget deficit falls
• B)unemployment rises,income falls,tax revenue falls,unemployment benefits rise,and the budget deficit rises
• C)unemployment rises,income falls,tax revenue rises,unemployment benefits fall,and the budget deficit falls
• D)unemployment falls,income rises,tax revenue rises,unemployment benefits fall,and the budget deficit falls

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Definitions:

Operating Expenses

Expenses incurred from the regular activities of a business, such as rent, utilities, and salaries.

Perpetual System

A method of inventory accounting in which the inventory levels are updated in real-time with each sale or purchase.

Adjusting Entry

Journal entries made at the end of an accounting period to update the accounts for accruals or deferrals that were not previously recorded.

Gross Profit

The financial measure calculated by subtracting the cost of goods sold from revenue, representing the profit a company makes after deducting the costs associated with making and selling its products.