Match the Terms with the Descriptions Provided

question 231

Multiple Choice

Match the terms with the descriptions provided.
-reduction in the amount of goods available for sale caused by defective merchandise

• A)consignment
• B)discount period
• C)inventory
• D)LIFO reserve
• E)Lower of cost or net realizable value
• F)purchase allowance
• G)purchase discounts
• H)purchase returns
• I)purchases

---

Definitions:

Health Insurance

A form of insurance that covers the cost of an insured individual's medical and surgical expenses.

Obamacare

Informal term for the Affordable Care Act, a comprehensive health care reform law enacted in March 2010 in the United States aimed at expanding health insurance coverage and reducing healthcare costs.

Externalities

The positive or negative impacts of a market transaction experienced by third parties not directly involved in the transaction.

Marginal Cost

The change in total cost that arises when the quantity produced is incremented by one unit, essentially the cost of producing one additional unit of a good.