Standards for Preschool Program Planning Are Set by the U

question 23

True/False

Standards for preschool program planning are set by the U.S. government.

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Definitions:

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.

FIFO

A stock rotation and accounting method that assumes the oldest inventory items are sold or used first.

FOB Shipping Point

A shipping term indicating that the buyer assumes responsibility for the goods and transportation costs as soon as the goods leave the seller's premises.