Define the Following Five Categories of Software: Packaged, Custom, Web-Based

question 52

Essay

Define the following five categories of software: packaged, custom, Web-based, open source, and shareware.

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Definitions:

Gross Profit

The financial metric representing the difference between sales revenue and the cost of goods sold (COGS), before deducting overhead, payroll, taxes, and interest payments.

Ending Inventory

Merchandise value set for sale at an accounting period's end.

Safeguarding Inventory

Safeguarding inventory involves implementing security measures and inventory management practices to protect goods from theft, damage, or loss.

Inventory Control

A management system that oversees the ordering, storage, and use of components that a company will use in the production of the items it will sell as well as the finished products the company will sell.