Relevant costs are often referred to as:
A. Sunk costs
B. Differential costs
C. Unavoidable costs
D. All of the above
Answer: B
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When evaluating secondary data, the ________ criteria asks the question of "why the data were collected in the first place."
A) nature B) objective C) error/accuracy D) currency
Mary buys a lottery ticket and promises to buy her friend Sharon a new pair of shoes if she checks the lottery results while Mary is away. Sharon agrees to do so, provided she has the time for it. What kind of contract do Mary and Sharon have?
A) preexisting duty B) past consideration C) illegal consideration D) illusory promise
A _____ is the general level at which a company expects to sell a good or service
a. functional price b. base price c. premium price d. mark-up price
Hamidi, a coffee farmer in Kenya, forms an alliance with Guthrie, an importer and marketer in Ireland. Their products carry a Fair Trade label. This means that Hamidi
A. accepts whatever price for his products that the market will bear. B. produces crops with genetically modified organisms. C. puts children to work whenever possible. D. uses environmentally sustainable farming methods.