In the Circular-Flow Diagram,another Name for Goods and Services Produced

question 252

Multiple Choice

In the circular-flow diagram,another name for goods and services produced by firms is

• A)factors of production.
• B)output.
• C)inputs.
• D)resources.

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Definitions:

Retained Earnings

The portion of net income that is not distributed to shareholders but is kept by the company for reinvestment or debt payment.

End-Of-Period Spreadsheet

A tool used in accounting to compile all balances and adjustments at the end of an accounting period before the preparation of financial statements.

Journal Entry

A record in accounting that represents a transaction and its effect on various accounts, used to keep track of all business transactions in a company's books.

Revenues

Income generated from normal business operations and other business activities.