Money

question 239

Multiple Choice

Money

• A) is anything that is regularly used and generally accepted in economic transactions or exchanges.
• B) is necessary to conduct economic transactions.
• C) facilitates specialization in production.
• D) is anything the government declares to have value.

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Definitions:

Service Level

A measure of the quality of service provided, often defined by the percentage of customer demands met within a certain time period.

Firm

A business enterprise or establishment, often involved in the production and sale of goods or services.

Re-Order Point

A predetermined inventory level at which new stock should be ordered to replenish supplies before reaching a critically low or stock-out situation.