Looking Back in History, the First City We Know of Was

question 13

Multiple Choice

Looking back in history, the first city we know of was

• A) New York, in North America.
• B) Jericho, in the Middle East.
• C) Beijing, in Asia.
• D) London, in Europe.

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Definitions:

Costs Decreasing

A situation where the expenses associated with the production or operation of a business are reducing over time.

Lowest Net Income

Refers to the lowest amount of net income recorded by a company over a given period, demonstrating its worst financial performance phase.

LIFO Inventory Method

Last In, First Out, an accounting method where the most recently acquired items are the first to be sold or used.

Gross Profit

The difference between revenue and the cost of goods sold, indicating how efficiently a company uses labor and supplies in production.