In the United States,the Poorest 20 Percent of Households Receive

question 154

Multiple Choice

In the United States,the poorest 20 percent of households receive about ________ percent of total income.

• A) 3
• B) 15
• C) 23
• D) 49
• E) 20

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Definitions:

FIFO

FIFO (First In, First Out) is an inventory valuation method where the oldest inventory items are recorded as sold first.

Fair Value

The estimated market value of an asset or liability, based on current market prices.

Cost of Goods Sold

An accounting term that represents the direct costs attributable to the production of the goods sold by a company.

Ending Inventory

The cumulative monetary value of products available for selling by the close of a fiscal period.