Differentiate between social contracts and business contracts
What will be an ideal response?
A social contract is an unwritten set of general social expectations accepted by all citizens that is meant to constrain the behavior of the citizens who live in a state or country. It is one of the foundations for deciding what is right and wrong behavior and how far to go beyond the minimum requirements of the law. By contrast, a business contract is a written or unwritten set of specific expectations that is legally binding and that constrains the behavior of the parties that participate in the agreement.
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Indicate whether the statement is true or false
________ differences between book income and taxable income result in an effective tax rate that differs from the statutory tax rate
A) Temporary B) Permanent C) Short-term D) Long-term