You Have Just Taken an Intelligence Test Where You Were

question 1

Multiple Choice

You have just taken an intelligence test where you were asked to,among other things,recall a string of numbers,locate the missing parts in pictures,and assemble jigsaw puzzles.You have probably just taken the ____.

• A) Wechsler Intelligence Scales
• B) SAT tests
• C) Binet-Simon Intelligence Tests
• D) None of the above

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Definitions:

Average Cost

A method of inventory valuation that calculates the cost of goods sold and ending inventory based on the weighted average cost of all goods available for sale.

First-In, First-Out

An inventory valuation method where the cost of the earliest goods purchased are the first to be recognized in determining cost of goods sold.

Last-In, First-Out

An inventory valuation method where the costs of the most recently acquired items are the first to be expensed.

LIFO

An inventory cost methodology assuming the most recently added items to the inventory are sold first, short for "Last-In, First-Out."