Suppose It Is the 1930s and You Have Just Recently

question 68

Multiple Choice

Suppose it is the 1930s and you have just recently lost your job and most of your savings due to a steep downturn in the economy. You are aware that President Roosevelt has implemented several new programs as part of the New Deal, but do not want to accept a handout from the federal government since you are still young and able to work. What other option is available to you through FDR's New Deal programs?

• A) You will receive a monthly stipend as part of your universal basic income.
• B) You can open a federally insured bank account.
• C) The program has established a Social Security benefit program.
• D) Public works jobs are available through the federal government.

---

Definitions:

Cost of Goods Sold

The costs directly resulting from the creation of products a company sells, including expenses related to materials and labor.

Gross Profit

The financial metric that represents the difference between sales revenue and the cost of goods sold.

LIFO Inventory Method

An accounting technique where the most recently acquired items of inventory are recorded as sold first, often used to calculate cost of goods sold and ending inventory.

Merchandise Inventory

The goods and products a company holds for the purpose of selling to customers.