In the Latest U

question 263

Multiple Choice

In the latest U.S. Census data, the percentage of aggregate income earned by the top 20% of households is closest to

• A) 100%.
• B) 50%.
• C) 33%.
• D) 20%.

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Definitions:

Beginning Inventory

The market value of products prepared for sale at the initiation of a bookkeeping period.

Merchandise Inventory

Goods or products that a company holds for the purpose of resale to customers, recorded as a current asset on the balance sheet.

Income Summary

is an account that aggregates all revenue and expenses during an accounting period, used to transfer the net income (or loss) to the capital account.

Freight-in

represents the cost of transporting goods into a business, typically considered as part of the cost of goods sold.