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A Busy Mom Stops at a 7-Eleven Store on the Way

question 157

Multiple Choice

A busy mom stops at a 7-Eleven store on the way home from work to purchase some bread, milk, and ice cream. What primary economic need is being satisfied by the 7-Eleven?


Definitions:

Net Method

An accounting method that records purchases at the net price after deduction of any purchase discounts.

Perpetual Inventory System

An inventory accounting practice that instantly processes and records purchases or sales utilizing computerized point-of-sale systems alongside enterprise asset management software.

Merchandise

Products that are purchased and traded during business operations, usually in a retail or wholesale environment.

Perpetual Inventory System

An inventory management system that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.

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