By 2012,the Dollar Value of the Debt Had Climbed

question 7

Multiple Choice

By 2012,the dollar value of the debt had climbed:

• A)past 100 percent of GDP.
• B)to just under $800 billion.
• C)to just past $500 billion.
• D)back down to 40 percent of GDP.

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Definitions:

Perpetual System

An inventory management method where inventory quantities and cost of goods sold are updated continuously with each sale or purchase.

Periodic System

A method of inventory valuation for financial reporting purposes where a physical count of the inventory is performed at specific intervals to determine the ending inventory balance and the cost of goods sold.

Merchandise Inventory

Goods or products that a retail or wholesale company holds for the purpose of selling them to customers.

Goods On Consignment

Merchandise that is sent to a retailer by the vendor to be sold but remains the property of the vendor until sold.