If You Are Given the Information That in Order to Vote

question 56

Multiple Choice

If you are given the information that in order to vote in a presidential election, you must be at least 18 years of age, and that Will voted in the last presidential election, you can logically conclude that Will is at least 18 years old. This is an example of using _________________ reasoning.

• A) inductive
• B) deductive
• C) conjunctive
• D) descriptive

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Definitions:

LIFO Inventory Method

An accounting method where the last items of inventory purchased are the first ones used or sold, affecting the cost of goods sold and ending inventory values.

FIFO Inventory Method

A method of accounting for inventory that assumes the first items placed in inventory are the first sold.

Balance Sheet

A document that provides a snapshot of a corporation's assets, debts, and shareholder's equity at a given point in time.

Increasing Unit Costs

Refers to the situation where the cost to produce or purchase a single unit of product rises, often due to inflation, increased material costs, or labor costs.