Give an example of an augmented product
What will be an ideal response?
Examples will vary. An augmented product may include the customer of a salon having the option of having most of the services performed in the privacy and solitude of his or her home.
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Suppose Sally Smith plans to invest $1,000. She can earn an effective annual rate of 5% on Security A, while Security B has an effective annual rate of 12%. After 11 years, the compounded value of Security B should be more than twice the compounded value of Security A. (Ignore risk, and assume that compounding occurs annually.)
Answer the following statement true (T) or false (F)
If the auditor's assessment of audit risk is low (e.g., 1% rather than 5%), what is the effect on the amount of direct testing performed by the auditor?
a. Increase in direct testing. b. Decrease in direct testing c. No change in direct testing. d. Direct testing is not needed.
All factors in a present value of a single sum table are less than 1.000
Indicate whether the statement is true or false
Angie, a minor, wants to avoid a contract she made with Cumberland Cycles. She may disaffirm the contract by:
a. notifying Cumberland orally that she will not honor the agreement. b. filing a lawsuit to have a court formally cancel the contract. c. just refusing to perform her obligations under the contract. d. All of the answers are correct.