Which of the Following Characteristics Is Least Unique to a Market

question 194

Multiple Choice

Which of the following characteristics is least unique to a market system?

• A) private ownership of property resources
• B) competition among buyers and sellers pursuing monetary returns
• C) the widespread use of money
• D) freedom of enterprise and choice

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Definitions:

FIFO Retail Inventory Method

An inventory valuation method which assumes that items purchased or produced first are sold first, thereby computing inventory based on the most recent prices.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated as beginning inventory plus purchases minus cost of goods sold.

Net Markups

The amount added to the cost price of goods to cover overhead and profit, minus any discounts or allowances.

Retail Inventory Method

A method used in accounting to estimate the value of a store's merchandise based on the retail price of the inventory.