If You Are Interested in Achieving a Long-Term Savings Goal

question 83

Multiple Choice

If you are interested in achieving a long-term savings goal, then

• A) you are not concerned with paying off your current debt.
• B) you will try to save a small amount because that is better than saving nothing at all.
• C) you will buy a new car because your best friend just bought one.
• D) you believe that 'retail therapy' is the answer to your occasional depression.

---

Definitions:

Periodic Inventory System

An inventory accounting system where updates to inventory levels are made at specific intervals, rather than continuously tracking each sale or purchase.

Cost Of Merchandise Sold

The total cost incurred by a business to sell its products, including the purchase price and other expenses directly related to procurement.

Journal Entry

A record in accounting that records a transaction, indicating the accounts and amounts debited and credited.

Cost Of Merchandise Sold

The total cost incurred to obtain goods sold by a company during an accounting period; it includes purchase price, freight in, and other costs related to procurement.