Examlex
The House still strictly follows the seniority system,wherein the majority party member of the committee who has served the longest automatically serves as chair.
Profit
The financial gain achieved when revenues generated from business activities exceed the expenses, costs, and taxes associated with sustaining the business.
Work in Process
Goods that are in the production process but are not yet completed, reflecting a stage between raw materials and finished goods.
Materials
The raw inputs or components used in the manufacturing process to produce goods or products.
Cost of Goods Sold
The expenses directly related to creating a company's sold goods, covering both material costs and wages.
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