Which Is an Example of a Want for a College

question 27

Multiple Choice

Which is an example of a want for a college student?

• A) utilities such as electricity
• B) gym membership
• C) tuition
• D) basic clothing

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Definitions:

Inventory Costing Method

a system used to value inventory, including approaches like FIFO, LIFO, and weighted average cost.

Income Statement

A financial document that shows a company's revenues and expenses over a specific period, culminating in the net income or loss for that period.

Balance Sheet

A financial statement that presents the financial position of a company at a specific point in time, showing assets, liabilities, and shareholders' equity.

Inventory Costing Method

A method used to assign costs to inventory items, such as FIFO (First-In, First-Out), LIFO (Last-In, First-Out), or weighted average cost.