The Ways and Means Committee

question 7

Multiple Choice

The Ways and Means Committee

• A) is a committee in the House of Representatives managing revenue issues.
• B) is a committee in the Senate managing spending issues.
• C) is a committee made up of the president, secretary of treasury, and OMD director.
• D) is a committee that oversees the executive budget process.

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Definitions:

Net Realizable Value

The estimated selling price in the ordinary course of business, minus the estimated costs necessary to make the sale.

Inventory Purposes

The reasons for keeping stock of goods in a business, typically for sale, production, or avoiding stockouts.

Direct Costs

Expenses that can be directly traced to a product or service, such as materials and labor.

Inventory Costing Methods

Refers to the techniques used to determine the value of an inventory, including LIFO (Last In, First Out), FIFO (First In, First Out), and weighted average methods.