You Should Consider Your _____ Before You Take on a Large

question 17

Multiple Choice

You should consider your _____ before you take on a large consumer loan.

• A) educational qualifications
• B) history of auto ownership
• C) past employment
• D) financial plans
• E) career plans

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Definitions:

Inventory

The raw materials, work-in-progress goods, and finished products that a business holds for the purpose of sale in the ordinary course of business.

Single-Step Income Statement

A simplified income statement that calculates net income or loss by subtracting total expenses from total revenues in one step.

Multiple-Step

An income statement format that segregates operating revenues and expenses from non-operating revenues, expenses, gains, and losses.

Revenues

Revenue that comes from regular business activities, factoring in discounts and allowances for products that are returned.