Certification Indicates That a Professional Possesses a Particular Set of Skills

question 18

Multiple Choice

Certification indicates that a professional possesses a particular set of skills, knowledge, or abilities, in the opinion of the ____.

• A) professional's employer
• B) certifying organization
• C) IT professional organization to which the professional belongs
• D) national board of certification

Understand the differences between wholesalers and retailers.

Comprehend FOB shipping point and FOB destination terms and their differences.

Calculate gross profit for a company.

Acknowledge the importance of tracking inventory activities in merchandising companies.

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Definitions:

Explicit Costs

Direct, out-of-pocket payments for costs of production, such as wages, rent, and materials, that a company incurs in conducting its business.

Implicit Costs

Costs that represent the opportunity cost of using resources that a business already owns, rather than explicit outlays of cash.

Total Revenue

The total amount of money received by a company from selling goods or services before any expenses are subtracted.

Explicit Costs

Direct, out-of-pocket payments for resources or services used in the production of goods or services.