During the Cold War, Which Term Was Used When Referring

question 79

Multiple Choice

During the Cold War, which term was used when referring to the Soviet Union and its allied Communist states?

• A) First World
• B) Second World
• C) Third World
• D) Fourth World

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Definitions:

FIFO

"First In, First Out," an inventory valuation method where the goods first added to inventory are the first to be sold.

Gross Profit Method

An estimating technique used to calculate inventory cost, based on the gross margin and cost of goods sold.

Gross Profit Ratio

A financial metric indicating the percentage of revenue that exceeds the cost of goods sold; it is calculated by dividing gross profit by net sales.

Ending Inventory

The monetary amount of stock available for purchase at the end of an accounting term, which is the sum of the opening inventory and purchases, less the cost of goods sold.