A Guild Is

question 28

Multiple Choice

A guild is

• A)a group of independent producers competing with each other.
• B)an organization of producers that limits the amount of a good produced.
• C)a group of nations who agree not to compete with each other.
• D)a nation that is a free-market benchmark.

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Definitions:

Ending Inventory

The pricing of available merchandise at the termination of an accounting interval, computed by taking the starting inventory, adding buying costs, and subtracting the cost of goods sold.

Net Income

The total earnings of a company after all expenses and taxes have been subtracted from total revenue.

Direct Materials

The essential components or raw inputs used directly in the manufacture of goods, critical to the production process.

Work in Process

Inventory representing partially completed goods, which include direct labor, material, and overhead costs incurred up to the point of measurement.