Charles Was the Last Person on His Block to Purchase

question 77

Multiple Choice

Charles was the last person on his block to purchase a color television set, and that was in the 1980s. He just couldn't see the reason to purchase a new color television if his old one was working just fine. He finally purchased one because his old TV stopped working. In terms of adopter categories, Charles would be classified as a(n) _____.

• A) innovator
• B) early adopter
• C) early majority
• D) late majority
• E) laggard

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Definitions:

Periodic Inventory System

An inventory system where inventory levels and cost of goods sold (COGS) are updated in the accounting records at the end of an accounting period.

Cost of Goods Sold

The total cost directly related to the production of the goods sold by a company.

Income Statement

A financial statement that shows a company's revenues, expenses, and profit or loss over a specific period.

Perpetual Inventory System

An inventory management method that continuously updates the count and value of inventory, reflecting additions and subtractions in real-time.