The Form of Business Organization That Accounts for 82 Percent

question 199

Multiple Choice

The form of business organization that accounts for 82 percent of all sales revenues in the United States is the

• A) sole proprietorship.
• B) partnership.
• C) corporation.
• D) joint venture.
• E) syndicate.

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Definitions:

Raw Materials Inventory

The total cost of all the materials not yet processed and used in the manufacturing of products, kept in inventory.

Direct Materials

Raw materials that are directly traceable to the manufacturing of a product and can be directly associated with the finished product.

Raw Materials Purchased

The total cost of raw materials bought by a company for the purpose of production in a specific period.

Cost Of Goods Manufactured

The total expense incurred to produce products during a specific period, including costs of raw materials, labor, and manufacturing overhead.