Match the Terms with the Descriptions Provided

question 7

Multiple Choice

Match the terms with the descriptions provided.
-merchandise held for sale in the normal course of business.

• 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

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Definitions:

Tax

A mandatory financial charge or some other type of levy imposed on a taxpayer by a governmental organization in order to fund various public expenditures.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service versus what they actually pay.

Deadweight Loss

An economic inefficiency arising when the balance for a product or service fails to be attained or is unattainable.

Tax

A necessary financial assessment or some other type of taxation levied upon a taxpayer by a government entity, intended to fund the expenditure of government and various allotments for public services.