True or False? -If Somebody Tells You That Their Exam Score Was 70

question 138

True/False

True or false?
-If somebody tells you that their exam score was 70%, up 80% from the last exam, you would
conclude that they must be lying or bad at math, because that is impossible.

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Definitions:

Specific Identification

An accounting method used to track and assign costs to individual pieces of inventory, useful for unique or high-value items.

Gross Profit

The financial metric indicating the difference between revenue and the cost of goods sold before accounting for other expenses.

FIFO Method

"First In, First Out," an inventory valuation method where goods first received are the first to be sold, assuming costs of earliest goods are those expensed first.

Physical Flow

The movement of physical goods or materials within a production process or supply chain.