Which of the Following Is Not Correct

question 315

Multiple Choice

Which of the following is not correct?

• A)Many measures of inequality are based on income, which may not reflect a person's standard of living.
• B)Because many of the poorest families receive in-kind transfers, more families have lower standards of living when compared to poverty rates based on income.
• C)Because people can borrow and save to smooth out life cycle changes in income, equality measures based only on income may not reflect a person's standard of living.
• D)A person's standard of living depends more on her permanent income than her transitory income, so inequality measures based on current income may be misleading.

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Definitions:

Semiannually

Happening biannually or once every six months.

Ending Inventory

The total value of all the goods remaining unsold at the end of an accounting period.

Cost of Goods Sold

Costs directly connected with the manufacture of goods a company sells, including both materials and workforce expenses.

Beginning Inventory

The value of all the inventory held by a business at the start of an accounting period.