Suppose You Want to Buy a Hammock from Wayfair

question 79

Multiple Choice

Suppose you want to buy a hammock from Wayfair.com. Before purchasing, you read the numerous reviews on the product. The reviews are so exceptional that you question whether real customers wrote them. This refers to the ____ of Big Data.

• A) Value
• B) Variety
• C) Velocity
• D) Veracity
• E) Volume

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Definitions:

Gross Profit

The profit a company makes after deducting the costs associated with making and selling its products or the costs associated with providing its services.

FIFO

"First-In, First-Out," an inventory valuation method where the cost of goods sold is based on the oldest inventory items.

Lower Of Cost

Lower of Cost or Market (LCM) is an accounting principle that values inventory at the lower of its historical cost or current market value.

Inventory Value

The total cost or market value of all the goods and materials held by a company for the purpose of resale or production.