Elena Is in the Toothpaste Section of the Grocery Store

question 109

Multiple Choice

Elena is in the toothpaste section of the grocery store, and picks up a box of $0.99 Colgate as she quickly passes through. This is an example of ________ decision making.

• A) habitual
• B) uncluttered
• C) associative
• D) peripheral

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Definitions:

FIFO

An inventory valuation method which assumes that the first goods purchased or produced are also the first ones sold, also known as "First In, First Out."

Ending Inventory

The worth of products ready for purchase at the close of a financial period.

Cost Flow Assumption

The method used by businesses to value inventory and calculate the cost of goods sold, based on the order in which products are bought or produced.

FIFO

"First In, First Out," an inventory valuation method where the oldest stock is sold first.