The Social Class System in the U.S

question 50

Multiple Choice

The social class system in the U.S.

• A) does not affect how people spend, but does affect how they save.
• B) may put people with the same income level in different social classes.
• C) is based on a person's educational level.
• D) is much more rigid than in Europe and Asia.
• E) does not affect people's attitudes.

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Definitions:

Income Statement Accounts

Income statement accounts are those financial accounts that track the revenues, expenses, gains, and losses of a business, which together determine its net profit or loss for a period.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate revenues and expenses to the period in which they actually occurred.

Office Supplies

Items used in an office for daily work such as pens, paper, staplers, and calculators.

Physical Count

A manual counting process of inventory or other assets on hand to verify quantities or conditions at a specific point in time.