Which of the Following Represents the Accumulated Costs of Jobs

question 101

Multiple Choice

Which of the following represents the accumulated costs of jobs as yet incomplete?

• A)Raw Materials Inventory
• B)Work in Process Inventory
• C)Finished Goods Inventory
• D)Cost of Goods Sold

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Definitions:

Government Spending Crowding Out

A situation where increased government spending leads to a reduction in private sector spending, either because of higher interest rates or because funds available for private investments are used for government projects.

Opportunity Cost

is the benefit that is missed or given up when choosing one alternative over another.

Private Investment

The expenditure on capital goods by private sector firms or individuals to increase their productive capacity.

Federal Budget

The annual financial statement presenting the government's proposed revenues and spending for a fiscal year.