November 16th

1. Inventory would be listed as a

a. Long term Asset

b. Current Asset

c. Current Liability

d. Owner’s Equity

2. In periods of inflation which method of inventory valuation would give greater profits?a. LIFO

b. FIFO

c. FISH

d. PIFO

3. Which of the following is NOT one of the rules in preparing the merchandize budget?

a. Always be prepared in advance of the selling season

b. The language of the budget must be easy to understand

c. Plans should be made for a two to three year period

d. Flexible enough to permit changes

4. According to the video, REI

a. Is a large consumer cooperative

b. Targets primarily single mothers

c. Recruits exclusively on college campuses

d. Always locates in a mall setting

5. How old was the boy that killed a black bear that wouldn’t get off the porch?

a. 11