A Graph of a Business Cycle That Plots Output on the Vertical

question 9

Multiple Choice

A graph of a business cycle that plots output on the vertical axis and quarters of the year on the horizontal axis is an example of a

• A) bar chart.
• B) pie chart.
• C) scatter plot.
• D) time series.

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Definitions:

Finished Goods

Products that have completed the manufacturing process and are ready to be sold to customers.

Inventory

Materials and goods held by a business in the process of being sold or used in production processes.

Cost

The amount of money that needs to be spent to acquire, produce, complete, or maintain something.

Absorption Costing

An accounting method that includes all direct costs and allotted indirect costs associated with manufacturing a product.