A Trader in the Market Trades His Goods for the Money

question 119

Multiple Choice

A trader in the market trades his goods for the money that is paid for the goods offered by him.This is an example of a(n) :

• A)demand.
• B)want.
• C)exchange.
• D)necessity.
• E)need.

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Definitions:

Raw Materials

Fundamental substances that are transformed through manufacturing processes into a final product, essential components in production.

Variable Manufacturing Overhead

Costs in the manufacturing process that fluctuate with production volume, such as utilities or materials used only in production.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company.

Cash Account

An account that records all transactions made in cash, including receipts and payments.