Explain the meaning of the terms, cost and market, as used in the application of the lower-of-cost-or-market rule.
What will be an ideal response?
Cost is determined using the FIFO, LIFO, weighted average, or specific identification cost flow method. Market is defined as the amount the company would have to pay to replace the merchandise.
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The five major environmental forces in a marketing decision are
A. corporate ownership, internal management, supplier partnerships, strategic alliances, and customer relationships. B. climate change, natural resources, pollution, natural disasters, and global conflict (war). C. product, price, promotion, place, and people. D. social, technological, economic, competitive, and regulatory. E. ethics, sustainability, cultural awareness, diversity, and values.
Heavy focus on price reductions and discounts during a recession allows firms to improve long-term brand equity and price integrity
Indicate whether the statement is true or false
______ theory describes how individuals base their management styles on the need for power, relationships, and achievements.
A. Maslow’s hierarchy of needs B. McClelland’s three needs theory C. McGregor’s Theory X and Theory Y D. Erikson’s three stages of life cycles
A generous philanthropist plans to make a one-time endowment to a renowned heart research center which would provide the facility with $250,000 per year into perpetuity. The rate of interest is expected to be 8 percent for all future time periods
How large must the endowment be? A) $2,314,814 B) $2,000,000 C) $3,125,000 D) $3,000,000