What Is the GMAT an Example Of

question 53

Multiple Choice

What is the GMAT an example of?

• A)a work sample test
• B)a cognitive ability test
• C)a structured ability test
• D)an interest inventory

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Definitions:

LIFO Cost Method

A method of inventory valuation where the last items added to the inventory are considered the first ones sold.

Gross Profit

Gross profit is the financial metric obtained by subtracting the cost of goods sold from sales revenue, representing the core profitability of a company's products or services.

FIFO

An inventory valuation method that assumes that the first items put into inventory are the first ones sold.

Beginning Inventory

The value of a company’s inventory at the start of an accounting period, carried over from the end of the previous period.