Scenario 8.2
Use the following to answer the questions.
Precision Brake Company is a supplier of brake components to the manufacturers of lawn tractors and 4-wheel ATVs. It also sells its products to independent repair centers, dealers, and other wholesalers in Northeast and Southern states. Precision Brake has done research on the demand for lawn tractors and found that most manufacturers are in the states of Kentucky, Tennessee, and Alabama. Research also shows that most of the dealers who sell directly to individual consumers are in the Midwestern states, while dealers who sell to small business landscaping companies tend to be located in the Northeastern states. Company executives are considering expansion of its distribution to markets in the Midwest.
Refer to . Given the type of business market in which Precision Brake is currently operating, which group would it be least likely to sell to?
A. Producers
B. Governments
C. Retailers
D. Consumers
E. Institutions
Answer: D
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The use of a discounts lost account implies that the recorded cost of a purchased inventory item is its
a. invoice price. b. invoice price plus the purchase discount lost. c. invoice price less the purchase discount taken. d. invoice price less the purchase discount allowable whether taken or not.
All of the following are examples of operating activities except:
A) decisions on whether or not to schedule overtime for employees. B) decisions on what price to charge for a product. C) decisions on whether or not to accept a special order. D) decisions on whether actual outcomes were similar to desired outcomes.
A properly designed internal control system:
A. Eliminates the need for an audit. B. Is not necessary if the company uses a computerized system. C. Requires the use of non-computerized systems. D. Insures profitable operations. E. Lowers the company's risk of loss.
The balance of trade is also referred to as countertrade.
Answer the following statement true (T) or false (F)