Adam Smith's the Wealth of Nations Asserted That the Primary

question 67

Multiple Choice

Adam Smith's The Wealth of Nations asserted that the primary economic advantage of societies would be gained from which of the following concepts?

• A)management planning and control
• B)on-the-job training
• C)union representation
• D)fair employment legislation
• E)division of labour

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Definitions:

Consignment

A business arrangement wherein goods are left in the possession of an authorized third party to sell, but ownership remains with the supplier until items are sold.

Ending Inventory

The total value of all inventory held by a company at the end of an accounting period.

FOB Destination

A shipping term indicating that the seller is responsible for the freight and other shipping charges until the goods reach the buyer's location.

Net Income

The amount of earnings remaining after all expenses, including taxes and interest, have been deducted from total revenues.