Phoenix, a salesperson for Quality Fruit, Inc, showsRobert, a buyer for Sweet Home Fruit Company, samples of peaches, stating that any ship¬ment will match the samples. This statement is
a. an express warranty.
b. an implied warranty.
c. a warranty of title.
d. puffery.
A
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A rise in income will cause consumer spending to
A. decline. B. not change. C. rise. D. fall at first, then rise later.
Blaming the teacher for a poor grade on an exam, while taking personal credit for good grades could be an example of _____.
A. perceptual distortion B. closure activity C. self-serving bias D. stereotyping E. perceptual grouping
Variable costs are always relevant in decision making.
Answer the following statement true (T) or false (F)
Which of the following is not a reason to classify costs as either product or period costs?
a. To determine unit manufacturing costs b. To determine if the costs are fixed or variable c. To analyze costs for control purposes d. To report production costs on the income statement