List the Three Major Functions of the Local Union

question 57

Essay

List the three major functions of the local union.

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Definitions:

Net 45

A payment term indicating that the full payment is due 45 days from the invoice date.

Credit Terms

The conditions under which a seller extends credit to a buyer, detailing the repayment time frame, interest rate, and penalties for late payment.

Cost of Goods Sold

The direct expenses related to the manufacture of the goods a company sells, encompassing both costs of materials and labor.

Inventory

Assets held for sale in the ordinary course of business, in the process of production for such sale, or in the form of materials to be consumed in the production process.