Which of the Following Statements Is TRUE

question 8

Multiple Choice

Which of the following statements is TRUE?

• A) The service sector comprises approximately 75 percent of the United States' economy and employment.
• B) The service sector comprises approximately 20 percent of the United States' economy and employment.
• C) Traditional smokestack industries have increased in importance in recent years.
• D) The service sector has decreased in importance in recent years.

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Definitions:

Inventory Shrinkage

The loss of products between purchase and sale due to theft, damage, or errors, resulting in lower inventory levels than recorded.

Managers

Individuals responsible for controlling or administering all or part of a company or similar organization.

Periodic Inventory

a system of inventory management where updates to inventory levels are made at specific intervals, usually at the end of an accounting period.

Perpetual Inventory

An inventory management system where updates are made continuously as transactions occur.