The Market Value of the Goods and Services Produced in an Economy

question 10

Multiple Choice

The market value of the goods and services produced in an economy is the

• A)gross national product (GNP).
• B)gross domestic product (GDP).
• C)net national worth.
• D)net domestic worth.
• E)net international economic contribution.

---

Definitions:

Gross Sales

represent the total sales revenue before any deductions are made for returns, allowances, or discounts.

Cash Sales

Transactions in which goods or services are exchanged immediately for cash payment.

Credit Sales

Sales made on credit, allowing buyers to pay at a later date, usually generating accounts receivable for the seller.

Discount Period

The time frame between the date of the sale and the due date when a discount is available for payment of an invoice.