The Catalog of Items Maintained by a Business, Which Lists

question 1

Multiple Choice

The catalog of items maintained by a business, which lists the description, quantity, item number, unit cost, and total cost of each item the business carries, is known as a(n) ________.

• A)payroll record
• B)expense account
• C)inventory account
• D)check register

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Definitions:

Stock Market

A public marketplace for buying and selling shares of publicly held companies, reflecting the investment climate and economic health.

Housing Construction

The process of building residential structures such as houses, apartments, and townhomes.

Mercantilism

The incorrect theory that a nation’s economic objective should be to accumulate precious metals in the public treasury; this theory prompted trade barriers to cut imports, but other countries retaliated, reducing trade and the gains from specialization.

Trade Gains

The benefits that countries obtain from engaging in international trade, often reflected in improvements in economic welfare, efficiency, and resource allocation.