According to the Introductory Video in Section 1

question 10

Multiple Choice

According to the introductory video in section 1.3,which of the following describes the purpose of the potlatch?

• A) redistribute resources to achieve equality
• B) show off the wealth and power of the host
• C) honor warriors who died in battle
• D) establish the ruler's divine status

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Definitions:

Budgeting

A process of creating a plan to spend your money, outlining projected income and expenses over a period.

Spending Variances

The difference between the actual amount spent and the budgeted amount for a particular accounting category.

Favorable

A term used in finance and accounting indicating that actual performance is better than the expected or budgeted performance.

Unfavorable

A term used in budgeting and accounting to describe a financial condition or variance that is worse than expected or budgeted.