In the context of social responsibility, a corporation that does not have profits as a first priority is referred to as a B-Corp, which stands for _____.
A. basic corporation
B. benefit corporation
C. bench corporation
D. blanket corporation
Answer: B
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Suppose increased costs for security raised the costs of production for all firms. Explain how this would affect aggregate supply, output, and the price level in the short run and the long run.
What will be an ideal response?
As of December 31, 2016, the Williamsburg Company reported a deferred tax asset of $60,000 related to accrued, unpaid warranty costs. However, since profits have been declining, Williamsburg decides that it is more likely than not that $24,000 of the deferred tax asset will not be realized. The entry to record the valuation allowance would include a
A) debit to Income Tax Expense for $60,000. B) credit to Income Tax Expense for $24,000. C) debit to Allowance to Reduce Deferred Tax Asset to Realizable Value for $24,000. D) credit to Allowance to Reduce Deferred Tax Asset to Realizable Value for $24,000.
Financial statements are business documents used to communicate information needed to make business decisions
Indicate whether the statement is true or false
Which of the following statements about taxation of Social Security retirement benefits under federal law is (are) true?
I. Social Security retirement benefits are never considered taxable income. II. Up to 85 percent of Social Security retirement benefits may be considered taxable income, depending on the amount of other income received by the beneficiary. A) I only B) II only C) both I and II D) neither I nor II