Examlex
Entrepreneurs earn rewards in the form of _____ from assuming the _____ associated with starting new businesses.
LIFO
Last In, First Out; an inventory valuation method where the last items placed in inventory are the first ones to be used or sold.
Ending Inventory
The total value of a business’s merchandise, raw materials, and products not yet sold at the end of an accounting period.
FIFO
"First In, First Out," an inventory valuation method where goods first acquired are the first to be sold, used in accounting to calculate the cost of goods sold.
Net Income
The profit of a company after all expenses and taxes have been subtracted from total revenue.
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