A Simulation Model Includes

question 30

Multiple Choice

A simulation model includes:
I. a description of the components of the system.
II. a simulation clock.
III. a definition of the state of the system.

• A) I only.
• B) II only.
• C) III only.
• D) I, II, and III.
• E) I and II only.

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Definitions:

Single-Owner

Pertains to a business that is exclusively owned by one individual who is responsible for its operations and liabilities.

Business Organization

An entity formed for the purpose of carrying out commercial enterprise, including options such as sole proprietorships, partnerships, and corporations.

Partnership

A legal form of business operation where two or more individuals share ownership, as well as the responsibility for managing the business and the sharing of its profits and losses.

Personal Income Tax

A tax levied on an individual's income, including wages, salaries, and other earnings, by the government.