The BBB Is the Largest and Best Known Self-Regulatory Mechanism

question 119

Multiple Choice

The BBB is the largest and best known self-regulatory mechanism in the United States for controlling advertising practices that has been established by the business community. BBB stands for:

• A)Board for Business Broadcasting.
• B)Board of the Best Businessmen.
• C)Board for Betterment of Broadcasting.
• D)Better Business Bureau.
• E)Best Business Bureau.

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Definitions:

FIFO

First-In, First-Out, an inventory valuation method where goods or materials purchased first are the first to be sold or used.

LIFO

"Last In, First Out," an inventory valuation method where the last items added to inventory are considered sold first.

Retail Inventory Method

An accounting method used by retailers to estimate their ending inventory balances by applying a cost-to-retail price ratio to the retail value of the inventory.

Cost-to-retail Ratio

A method used to estimate the value of ending inventory based on the ratio of the cost of goods available for sale to the retail price of those goods.