Question 1
(TCO 4) The cost of the inventory that the business has sold to customers is called
inventory.
cost of goods sold.
purchases.
gross profit.
Question 2
(TCO 4) Another term for gross profit is
gross income.
gross sales.
gross margin.
gross operating income.
Question 3
(TCO 4) A small _____ would most likely use a perpetual inventory system.
automobile dealership
fabric store
restaurant
flower shop
Question 4