In the US Higher Educational System, Students and Parents Have Choices as Choices

question 466

Multiple Choice

In the U.S. higher educational system, students and parents have choices as to which college or university the student attends and generally must finance part of it from personal funds. As a result of this different incentive structure, the U.S. higher educational system is

• A) one of the best in the world.
• B) one of the worst in the world.
• C) about average when compared to other higher educational systems.
• D) relatively worse in international rankings than U.S. elementary and secondary education.

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Definitions:

Perpetual Inventory System

A continuous tracking system for inventory that updates item counts after each sale or purchase, providing real-time inventory levels.

FIFO

An inventory valuation method where the first items purchased or produced are the first ones sold, standing for "First In, First Out."

Cost of Goods Sold

The immediate expenses related to creating a company's sold products, encompassing the price of materials and the labor specifically involved in manufacturing the item.

Gross Profit Inventory Method

An accounting method to estimate the value of ending inventory and cost of goods sold using the gross profit margin.