Table 14-2 -Refer to Table 14-2

question 84

Multiple Choice

Table 14-2
$$\begin{array} { | c | c | } \hline \text { Year } & \begin{array} { c } \text { Real GDP (billions } \\\text { of 2000 dollars) }\end{array} \\\hline 2010 & \$ 10,100 \\\hline 2011 & 10,950 \\\hline 2012 & 11,425 \\\hline 2013 & 11,300 \\\hline\end{array}$$
-Refer to Table 14-2.Using the table above,what is the approximate growth rate of real GDP from 2011 to 2012?

• A)1%
• B)2%
• C)3%
• D)4%

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Definitions:

Purchases

The acquisition of goods or services by a company in exchange for money.

Perpetual Inventory System

An inventory system in which a detailed inventory record is maintained, recording each purchase and sale during the accounting period.

Periodic Inventory System

A periodic inventory system is an accounting method where inventory levels and cost of goods sold are determined at specific periods, such as monthly or annually, through a physical count.

Cost of Goods Sold

Cost of Goods Sold (COGS) represents the direct costs attributable to the production of goods sold by a company, including material and labor costs.