Lila Doesn't Like Her Personality Psychology Class Because the Instructor

question 104

Multiple Choice

Lila doesn't like her personality psychology class because the instructor uses unannounced pop exams to test the students. As a result, Lila never knows when she will be tested. Her instructor is testing her on a __________ schedule.

• A) fixed-ratio
• B) fixed-interval
• C) variable-ratio
• D) variable-interval

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Definitions:

Inventory Items

Goods or products that a business holds for the purpose of sale or production, including raw materials, work-in-progress, and finished goods.

Periodic Inventory System

An inventory accounting method where inventory and cost of goods sold are determined at the end of an accounting period based on a physical count.

Ending Inventory

Ending inventory is the total value of all inventory, including raw materials, work-in-progress, and finished goods, that a company has at the end of its fiscal period.

Inventory Method

An inventory method is an accounting approach used to value and manage a company's stock of goods.