In a Manufacturing Business Inventory That Is Ready for Sale

question 108

Multiple Choice

In a manufacturing business inventory that is ready for sale is called

• A) raw materials inventory.
• B) work in process inventory.
• C) finished goods inventory.
• D) store supplies inventory.

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Definitions:

Producer Surplus

The difference between the amount a producer is paid for a good compared to the least amount they would accept to produce the good.

Tax

An inescapable financial demand or another sort of fee imposed on a taxpayer by an arm of the government to fulfill government spending requisites and diverse expenditures for public services.

Good

An item or product that can be bought, sold, or provided in an exchange and is intended to satisfy a want or need.

Burden

In economic contexts, it often refers to the impact of taxes or regulations on individual or corporate finances.