The Principle of Utilitarianism Means Making Decisions That Promise to Do

question 38

True/False

The principle of utilitarianism means making decisions that promise to do the greatest good for the largest number of people.

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Definitions:

Consignment

A sales arrangement in which goods are placed in the care of another, but ownership and title remain with the supplier until the goods are sold.

Net Income

The amount of earnings after all expenses and taxes have been deducted from revenue.

Ending Inventory

The cumulative worth of merchandise ready for purchase at the closure of a financial period.

LIFO Method

Last In, First Out method; an inventory valuation technique where the latest items added to the inventory are the first to be sold.