Mr Thomas Has Designed a Grading System Whereby Each Student

question 41

Multiple Choice

Mr. Thomas has designed a grading system whereby each student has a chance to earn an "A" in his class. Each student earns points for not only exams, but for attendance, participation, and book reports. Mr. Thomas then just adds up the points to assign grades. Mr. Thomas is using which of the following grading systems?

• A) contract system
• B) percentage grading system
• C) summative system
• D) total point grading system

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Definitions:

Total Inventory Value

The total cost of all items held in inventory by a business, calculated at a specific point in time.

Net Realizable Value

The projected price at which goods are sold, minus the expenses associated with their sale or disposal.

Gross Profit

The profit a company makes after subtracting the costs associated with making and selling its products, or the costs associated with providing its services.

LIFO

"Last In, First Out," an inventory costing method where the last items purchased are the first ones sold, affecting the cost of goods sold and ending inventory valuation.