This chapter presented a multitude of laws designed to protect consumers. Which three statutes do you think are most important and why? Make sure to define what protections the legislation affords consumers, and then explain the importance of the statute
The UCC's implied warranty of merchantability grants consumers a cause of action when they are injured by products. This threat of litigation can drive manufacturers to be proactive on safety issues. Bankruptcy laws can give consumers a fresh start if they have been devastated both emotionally and financially by illness, divorce, and unemployment associated with economic downturns. The Food and Drug legislation protects consumers from adulterated food and requires proof of both safety and effectiveness for drugs. Other laws discussed also achieve important goals for consumers.
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The origins of single-entry accounting were documented in a book written by Pacioli over 500 years ago. It includes the concepts of bookkeeping that are still applied today
a. True b. False Indicate whether the statement is true or false
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs is known as market diversification
Indicate whether the statement is true or false
When, and only when, is an in-kind donation tax deductible?
a. The recipient is government certified as being in need. b. The donation is made through a 501(c)(3) organization. c. The donation is made through the organization’s own proprietary foundation. d. The recipient receives the donation directly, with no third party involved.
What is the most important factor in choosing a lot-sizing technique?
a. inventory purchasing cost b. inventory holding cost c. demand pattern of product d. perishability of product