Which of the Following Terms Is Used to Refer to the Ability

question 64

Multiple Choice

Which of the following terms is used to refer to the ability of people to exercise authority over the resources they own?

• A)natural rights
• B)property rights
• C)input control
• D)collective control

---

Definitions:

Journal

A record where all financial transactions are initially noted before being transferred to specific accounts in the ledger.

Income Statement Columns

Income statement columns refer to the structured format used to present the revenues, expenses, and net profit or loss of a business over a specific period.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, culminating in net income or loss.

Net Income

The final earnings of a company after total revenue has had all taxes and expenses removed.