List and briefly discuss the three different kinds of purchases or buy classes made by organizations
What will be an ideal response?
a. Straight rebuy – routine purchases from the same suppliers used in the past.
b. Modified rebuy – purchasing situations in which something has changed since the last purchase, such as a new potential supplier or a large change in price levels.
c. New task purchase – is made when the purchasing situation is unusual or occurs infrequently.
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Which of the following occurs if a withdrawing partner receives assets worth more than the book value of his or her equity?
A) an increase in the remaining partners' capital accounts B) no change to the remaining partners'; capital accounts C) a premium to existing partners D) a bonus to the withdrawing partner
Sales taxes payable is reported as a(n):
A. Long-term asset. B. Estimated liability. C. Contingent liability. D. Current liability. E. Business expense.
The most widely used retail pricing technique is cost-plus pricing
Indicate whether the statement is true or false
________ knowledge refers to the entrepreneur's possession of information, technology, know-how, and skills that provide insight into the industry and customers.
A. Market B. Opportunity C. Resource D. Technological