After Learning the Web Address of a Local Retail Store,Alex

question 57

Multiple Choice

After learning the web address of a local retail store,Alex was able to remember it only long enough to post it in his frequent contacts file.In this case,the web address was clearly stored in his ________ memory.

• A) implicit
• B) short-term
• C) echoic
• D) long-term

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Definitions:

LIFO Method

An inventory valuation method that assumes the last items of inventory purchased are the first ones sold, potentially minimizing taxes in an inflationary period.

Purchase Order

A formal document issued by a buyer to a seller, detailing the products or services ordered and the agreed-upon price.

Periodic Inventory System

A system in which inventory levels are updated in the accounting records on a periodic basis, typically at the end of an accounting period.

Physical Inventory

A detailed listing of merchandise on hand.