QUESTION 1

1. Goods in transit to your customer are shipped FOB shipping point

   	A.	You are the buyer and own the goods in transit
   	B.	You are the seller and own the goods in transit
   	C.	You are the buyer and do not own the goods in transit
   	D.	You are the seller and do not own the goods in transit

2. QUESTION 2

3. Goods from your supplier are shipped FOB destination

   	A.	You are the buyer and must pay the freight costs
   	B.	You are the seller and must pay the freight costs
   	C.	You are not responsible for paying the freight costs

4. 0.07142 points

   QUESTION 3

5. Goods in transit to your customer are shipped FOB destination

   	A.	You are the buyer and own the goods in transit
   	B.	You are the seller and do not own the goods in transit
   	C.	You are the buyer and do not own the goods in transit
   	D.	You are the seller and own the goods in transit

6. 0.07142 points

   QUESTION 4

7. Goods to your customer are shipped FOB shipping point

   	A.	You are the buyer and must pay the freight costs
   	B.	You are the seller and must pay the freight costs
   	C.	You are not responsible for paying the freight costs

8. 0.07142 points

   QUESTION 5

9. Goods to your customer are shipped FOB destination

   	A.	You are the buyer and must pay the freight costs
   	B.	You are not responsible for paying the freight costs
   	C.	You are the seller and must pay the freight costs

10. 0.07142 points

    QUESTION 6

11. Units of beginning inventory plus units of inventory purchased equal

    	A.	Units available for sale
    	B.	Units in ending inventory
    	C.	Units sold

12. 0.07142 points

    QUESTION 7

13. Goods in transit from your supplier are shipped FOB shipping point

    	A.	You are the buyer and own the goods in transit
    	B.	You are the seller and do not own the goods in transit
    	C.	You are the buyer and do not own the goods in transit
    	D.	You are the seller and own the goods in transit

14. 0.07142 points

    QUESTION 8

15. Your company sent goods on consignment to another company

    	A.	You own the goods and must include them in inventory
    	B.	The other company owns the goods and must include them in inventory

16. 0.07142 points

    QUESTION 9

17. Your company received goods on consignment from another company

    	A.	The other company owns the goods and must include them in inventory
    	B.	You own the goods and must include them in inventory

18. 0.07142 points

    QUESTION 10

19. Goods from your supplier are shipped FOB shipping point

    	A.	You are the buyer and must pay the freight costs
    	B.	You are the seller and must pay the freight costs
    	C.	You are not responsible for paying the freight costs

20. 0.07142 points

    QUESTION 11

21. Goods in transit from your supplier are shipped FOB destination

    	A.	You are the buyer and do not own the goods in transit
    	B.	You are the seller and do not own the goods transit
    	C.	You are the seller and own the goods in transit
    	D.	You are the buyer and own the goods in transit

22. 0.07142 points

    QUESTION 12

23. Cost of the beginning inventory plus the cost of the inventory purchased equals the

    	A.	Cost of goods available for sale
    	B.	Cost of the ending inventory
    	C.	Cost of goods sold

24. 0.07142 points

    QUESTION 13

25. Cost of goods available for sale minus the cost of the ending inventory equals the

    	A.	Cost of the goods that were sold
    	B.	Cost of the units purchased
    	C.	Cost of the beginning inventory

26. 0.07142 points

    QUESTION 14

27. Total units of inventory available for sale minus units in ending inventory equal

    	A.	Units sold
    	B.	Units of beginning inventory
    	C.	Units of inventory purchase