Which of the Following Is a Characteristic of a Self-Employed

question 97

Multiple Choice

Which of the following is a characteristic of a self-employed individual?

• A) Wanting to be his or her own boss.
• B) Possessing a strong sense of individual responsibility.
• C) Placing a high emphasis on individual effort.
• D) All of these answer choices are correct.

---

Definitions:

Perpetual Inventory

An inventory management system that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.

Periodic System

An accounting method used for tracking inventory where updates to the inventory account are made periodically, typically at the end of an accounting period.

LIFO Inventory

A method of inventory valuation where the last items to be added to the inventory are the first ones to be used or sold, assuming that the cost of goods sold is based on the most recent prices.

Inventory Balance

The total value of a company's inventory at the end of an accounting period, including raw materials, work-in-progress, and finished goods.