A Training and Education Initiative with Specific Requirements Delivered by an Industry

question 41

Multiple Choice

A training and education initiative with specific requirements delivered by an industry oversight organization to salespeople in that industry is an example of a(n) :

• A)university sales methods class
• B)corporate-sponsored training class
• C)internet-based training program
• D)certification program
• E)college concentration

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Definitions:

Merchandise sold cost

The total expense incurred to produce or purchase the goods that have been sold to customers.

Perpetual system

An inventory accounting system that records purchases and sales of inventory immediately through the use of technology, offering continuous stock level information.

LIFO

An inventory valuation method that assumes the last items placed in inventory are the first ones sold ("Last In, First Out").

Merchandise sold cost

The cost associated with the goods that have been sold to customers, typically accounting for the purchase or production cost of the merchandise.