Non-Profit Organizations

question 32

Multiple Choice

Non-profit organizations:

• A)last for only short periods of time as their objective is not to create profits for their owners.
• B)are run by the government.
• C)have a hard time hiring employees as they have no means of paying them.
• D)can provide an opportunity for individuals to address social issues.

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Definitions:

Perpetual Inventory System

A method of inventory management where records are updated in real-time with every sale and restocking.

FOB Shipping Point

A term in shipping where the buyer assumes responsibility for the goods and shipping cost as soon as the goods leave the seller’s premises.

Freight Charges

Costs incurred for transporting goods from one place to another by sea, air, or land.

Trade Discount

A reduction in the listed price of goods or services offered by sellers to buyers in a commercial transaction.