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Explain the "functionally illiterate."
Accounts Payable
The total sum a business must pay to its suppliers or creditors for products and services obtained on credit.
Inventory
Goods and materials that a business holds for the ultimate goal of resale, production, or utilization in manufacturing.
Receivable Turnover
A financial metric indicating how efficiently a company collects revenue from its credit customers by measuring the number of times average accounts receivable are collected during a period.
Inventory Turnover
A ratio showing how many times a company's inventory is sold and replaced over a specific period, indicating the efficiency of inventory management.
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