The Term Official Statistics Refers To

question 13

Multiple Choice

The term official statistics refers to:

• A) statistics given official status by the government.
• B) data collected by formal public offices that document information about the population.
• C) statistics collected by the government that is available for social research.
• D) statistics collected by the government that is not available for social research.

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Definitions:

Accounts Payable

The total sum a business must pay to its suppliers or creditors for products and services obtained on credit.

Inventory

Goods and materials that a business holds for the ultimate goal of resale, production, or utilization in manufacturing.

Receivable Turnover

A financial metric indicating how efficiently a company collects revenue from its credit customers by measuring the number of times average accounts receivable are collected during a period.

Inventory Turnover

A ratio showing how many times a company's inventory is sold and replaced over a specific period, indicating the efficiency of inventory management.