The Process of Using a Non-Random, but Still Systematic, Sampling

question 37

Multiple Choice

The process of using a non-random, but still systematic, sampling method is called ___________.

• A) Non-probability sampling
• B) Multi-stage cluster sampling
• C) Convenience sampling
• D) Systematic sampling

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Definitions:

LIFO

"Last In, First Out," an inventory valuation method where the last items put into inventory are the first ones sold.

Merchandise

Goods purchased by a company for the purpose of selling them to customers, typically referring to products in retail businesses.

Ending Inventory

Ending inventory is the total value of all unsold goods a company has at the end of an accounting period, calculated before the new fiscal period begins.

Retail Method

An accounting method used to estimate the ending inventory and cost of goods sold based on the retail price of merchandise.