A System of Exchange in Which Goods and Services Are

question 123

Multiple Choice

A system of exchange in which goods and services are traded directly for other goods and services is called a(n) ______system.

• A)mercantile
• B)exchange
• C)barter
• D)monetary

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Definitions:

Inventory Turnover

A financial ratio indicating the number of times a company's inventory is sold and replaced over a specific period.

Fixed Asset Turnover

A ratio in finance that evaluates how effectively a business utilizes its fixed assets to produce sales.

Inventory Costing

The process of assigning costs to inventory items and determining cost of goods sold, using methods like FIFO, LIFO, or weighted average.

Physical Inventory

A count of all the physical goods and materials in stock at a business, used to verify records and account balances.