Under the Outer Space Treaty, the Outer Space Activities of Private

question 34

Multiple Choice

Under the Outer Space Treaty, the outer space activities of private entities require authorization and supervision by

• A) the United Nations.
• B) an internationally recognized space agency.
• C) a government.
• D) its owners only.

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Definitions:

Gross Profit Method

An inventory costing method that estimates the cost of goods sold and ending inventory based on the gross profit margin.

Inventory Valuation

The method used to calculate the cost of goods sold and ending inventory, such as FIFO, LIFO, or weighted average cost.

Casualty

An unexpected or sudden event causing loss or damage, often used in insurance to refer to accidents or mishaps causing physical harm or property damage.

Retail Basis

A method of inventory accounting where inventory is valued at retail prices, then converted to a cost basis using a predetermined cost-to-retail ratio.