Open Membership Groups

question 27

Multiple Choice

Open membership groups

• A) Can be a practical alternative to closed membership groups
• B) Go through predictable stages of group development
• C) Are usually quite cohesive
• D) Often engage in "group think"

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Definitions:

FOB Shipping Point

A shipping term indicating that the buyer assumes the risk and transportation costs for goods once they have left the seller's premises.

Merchandise Inventory

Finished goods available for sale to customers in a retail or wholesale business.

Periodic Inventory System

An inventory accounting system where inventory levels are updated and cost of goods sold is calculated at the end of an accounting period.

Perpetual Inventory System

A method of keeping track of inventory in real-time, where inventory levels are updated after every sale or purchase transaction.