Match the Terms with the Definitions

question 31

Multiple Choice

Match the terms with the definitions.
-Under this system, cost of goods sold and the amount of merchandise inventory on hand are updated when merchandise is bought and sold.

• A)average cost
• B)conservatism
• C)perpetual inventory system
• D)market value
• E)consignor
• F)consistency
• G)cost
• H)first-in, first-out method
• I)gross profit method
• J)last-in, first-out method
• K)inventory sheet

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Definitions:

Own Currency

The currency issued and used by a country, typically managed by its central bank or monetary authority.

Home Country

The country where a company is headquartered or where an individual is a citizen.

Labor Costs

The total sum of all wages paid to employees, as well as the costs of employee benefits and payroll taxes incurred by an employer.

Unemployment Rate

The percentage of the labor force that is jobless and actively seeking employment.