Economic Models

question 207

Multiple Choice

Economic models

• A)are used to explain how people think.
• B)are used to explain how people behave.
• C)are essential representations of the real world.
• D)are never used for making economic projections or predictions.

---

Definitions:

Adjusted Balance

An accounting figure reached after adjusting the book balance of an account for checks and deposits in transit, fees, or errors.

Balance Per Bank

The amount of money that a company's bank account shows according to the bank's records.

Outstanding Checks

Checks that have been written and recorded in the accounting records but have not yet been cashed or cleared by the bank.

Outstanding Checks

Checks that have been written and recorded in a company's financial records but have not yet been cashed by the recipient.