If the US Population Were Split into Quintiles Based on Income, with Income

question 18

Multiple Choice

If the U.S. population were split into quintiles based on income, with the lowest quintile representing the poorest 20 percent, then those who earned the median income for the United States would be in the _______ quintile.

• A)second
• B)third
• C)fourth
• D)fifth

---

Definitions:

Specific Identification Formula

A method used in inventory accounting that tracks the cost of specific items purchased and sold.

Low-Unit-Cost Items

Items or inventory that individually have a low value or cost but may collectively represent a significant value.

Inventory Cost Formula

An equation used to calculate the cost of ending inventory, taking into account the cost of goods sold, purchases, and beginning inventory, enabling accurate financial reporting and analysis.

Inventory Cost Formula

A method utilized for valuing the cost of goods sold and ending inventory, often using techniques such as First-In, First-Out (FIFO) or Last-In, First-Out (LIFO).