Natural Resources Are

question 32

Multiple Choice

Natural resources are:

• A) not considered scarce because no one pays for them.
• B) rarely used in production.
• C) included in the category of resources called land.
• D) available in unlimited quantities.

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Definitions:

Ending Inventory

The estimation of goods on hand for sale at the termination of an accounting period, figured by the formula: starting inventory plus acquisitions minus the cost of goods sold.

Inventory Turnover Ratio

A measure of how rapidly inventory is sold or used in a given period, calculated by dividing cost of goods sold by average inventory.

Days' Sales

Often refers to days' sales outstanding (DSO), which measures the average number of days it takes a company to collect payment after a sale has been made.

Inventory

Goods and materials that a business holds for the ultimate goal of resale or processing.