Which of the Following Was Not True of the National

question 56

Multiple Choice

Which of the following was not true of the National Industrial Recovery Act?

• A) It embodied ideas of industrial self-regulation and business-government cooperation and drew on the idea of trade associations which had been promoted by Herbert Hoover.
• B) It was declared unconstitutional.
• C) It appropriated $3.3 billion for heavy-duty government public-works programs to provide jobs and stimulate the economy.
• D) Under it, major industries drafted codes of "fair competition," setting production limits, prescribing wages and working conditions, and forbidding price cutting.
• E) It limited workers' collective bargaining rights.

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Definitions:

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.

FIFO Inventory Method

An approach to valuing inventory that assumes the first items purchased are the first ones sold, leading to older inventory costs being assigned to cost of goods sold.