Goods Held on Consignment Are

question 83

Multiple Choice

Goods held on consignment are

• A)never owned by the consignee.
• B)included in the consignee's ending inventory.
• C)kept for sale on the premises of the consignor.
• D)included as part of no one's ending inventory.

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Definitions:

Business Profits

Business Profits represent the excess of revenues over the expenses of running a business, indicating the financial success and viability of the business operations.

Personal Income

The total amount of money earned by an individual from all sources before taxes and other deductions.

Taxed

Subject to a compulsory contribution to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions.

Sole Proprietorship

A business structure owned and operated by one individual, where there is no legal distinction between the owner and the business.