What you own that is expected to have future economic value is a(n) ___________________.

a. Asset
b. Liability
c. Expense
d. Cost

Answer: a. Asset

Business

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Corporations register in their state of domicile (a few exceptions register at the federal level)

a. true b. false

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Which of the following is a limitation of the comparative norm approach?

a. not all firms have the same capacity to meet economic demands b. it is frequently difficult to classify a firm in a particular industrial grouping for wage comparison purposes c. at times it is misleading to compare employees within a particular job classification d. All of the above

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