Once a Competitive Advantage Is Achieved,the Entrepreneur Can Focus Much

question 15

True/False

Once a competitive advantage is achieved,the entrepreneur can focus much less on the external environment to pay more attention to the internal environment.

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Definitions:

FIFO

"First-In, First-Out," an inventory management and valuation method where the earliest goods acquired are the first sold or used.

Perpetual

In inventory management, a perpetual system continuously updates the inventory records for each purchase and sale, providing real-time inventory levels.

Periodic Inventory Systems

An inventory recording system where goods are physically counted at specific intervals to determine cost of goods sold and ending inventory.

Retail Inventory Method

An accounting method used by retailers to estimate inventory value by converting retail prices to cost, often used for financial reporting and determining cost of goods sold.