Best Value,Inc

question 36

Multiple Choice

Best Value,Inc.started its operations on January 1,2017.It engages in buying and selling different types of electronic gadgets.The first step in its operating cycle would be to ________.

• A)collect cash from customers
• B)sell goods to customers
• C)purchase inventory from vendors
• D)record the sales in accounts

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Definitions:

Specialization

The use of the resources of an individual, a firm, a region, or a nation to concentrate production on one or a small number of goods and services.

Total Output

The total amount of goods or services produced by an economy, industry, company, or individual over a specific period.

Continued Losses

Ongoing financial deficits where expenses exceed revenues over a period of time.

Distribution of Income

The way in which a nation’s total income is spread among its population, affecting economic stability and growth.