Examlex

Solved

When an Economic System Is Based on Private Ownership of Property

question 75

Multiple Choice

When an economic system is based on private ownership of property and guided by the seeking of maximum profits it is classified as a __________ system.


Definitions:

F.O.B. Destination

A shipping term indicating that the seller pays for transportation and is responsible for the goods until they are delivered to the buyer's location.

Merchandise Account

An account used to track the buying and selling of goods for resale in the normal course of business.

Perpetual Inventory Method

An inventory tracking system that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.

Accounts Payable

Liabilities of a business that represent money owed to suppliers for purchases made on credit.

Related Questions