Listed Below Are Five Terms Followed by a List of Phrases

question 42

Multiple Choice

Listed below are five terms followed by a list of phrases that describe or characterize the terms.Match each phrase with the best term placing the letter designating the term in the space provided.
-_____ Products that have started the production process but are not yet complete at the end of the period.

• A)Work-in-process inventory
• B)Merchandising companies
• C)Finished goods
• D)Raw materials
• E)Manufacturing companies

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Definitions:

Subject Matter

The specific topic, content, or issue that is under discussion or consideration in a contract or legal document.

Express Contract

An agreement with clear, explicit terms that are communicated verbally or in writing between parties.

Implied Contract

A contract that arises not from words of agreement but from the conduct of the parties.

Executory Contract

An executory contract is a contract that has not yet been fully performed or completed by one or more parties.