Net Income

question 62

Multiple Choice

Net Income:

• A) Decreases equity.
• B) Represents the amount of assets owners put into a business.
• C) Equals assets minus liabilities.
• D) Is the excess of revenues over expenses.
• E) Represents owners' claims against assets.

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Definitions:

Workforce Education

The process of providing employees with the skills and knowledge necessary to perform their jobs effectively and adapt to workplace changes.

Scientific Management

A management theory focusing on improving economic efficiency, particularly labor productivity, by systematically studying workflow and processes.

Total Quality Management

A management approach focused on continuous improvement and customer satisfaction across all areas of an organization through the involvement of all employees.

Reengineering

The fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in critical measures of performance, such as cost, quality, service, and speed.