A School Funded by Tuition Charges, Endowments, and Often Religious

question 168

Multiple Choice

A school funded by tuition charges, endowments, and often religious or other nonprofit sponsors is a _____ school.

• A) voucher
• B) private
• C) religious
• D) charter

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Definitions:

Profits

The financial gain that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

LIFO Liquidation

The process of liquidating older inventory that has been valued under the Last-In, First-Out (LIFO) accounting method, which can have tax and profit implications.

Tax Ramifications

The potential consequences and effects that specific tax laws and policies can have on an individual's or company's financial situation.

FIFO

FIFO, or First-In, First-Out, is an inventory valuation method where goods first bought are the first to be sold.