An Answer to the Question "For Whom" Determines

question 12

Multiple Choice

An answer to the question "For whom" determines:

• A) tastes and preferences.
• B) how resources are combined in production.
• C) the kinds and quantities of goods produced.
• D) who gets the goods and services produced.

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Definitions:

FIFO Estimate

An accounting technique, "First In, First Out," estimating the value of inventory or assets on the assumption that the first items acquired are the first ones to be used or sold.

LIFO Inventory

An inventory valuation method where the last items to enter inventory are the first ones to be used or sold.

Periodic Inventory

An inventory accounting system where the inventory is updated and the cost of goods sold is calculated at the end of a period instead of after each sale.

Inventory Balance

Refers to the total value of all inventory a business has in stock at a specific point in time, including raw materials, work-in-progress, and finished goods.