Which of the Following People Would Be Counted as Employed

question 194

Multiple Choice

Which of the following people would be counted as employed?

• A) a retired naval officer
• B) a high school student
• C) a stay-at-home father
• D) a teenager who has given up looking for work after a year of trying
• E) a ski instructor who is working during the summer

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Definitions:

Cost Index

An index that measures the change in cost of a specific basket of goods and services over time.

Ending Inventory

The aggregate value of goods up for sale at the termination of an accounting interval.

Financial Reporting

The process of producing statements that disclose an organization's financial status to management, investors, and the government.

Inventory Cost Flow Assumption

A method used in accounting to determine the cost of goods sold and ending inventory value, examples include FIFO, LIFO, and average cost methods.