A consumer product is used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers
Indicate whether the statement is true or false
a. True
b. False
ANSWER: False
A business product, or industrial product, is used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers. The key characteristic distinguishing business products from consumer products is intended use, not physical form.
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The ________ concept holds that consumers will favor goods and services that offer the most in quality, performance, and innovative features
A) societal marketing B) marketing C) selling D) production E) product
The Dividends account normally has a debit balance.
Answer the following statement true (T) or false (F)
Which of the following is the correct flow of manufacturing costs?
A) Raw materials, work in process, finished goods, cost of goods sold B) Raw materials, finished goods, cost of goods sold, work in process. C) Work in process, finished goods, raw materials, cost of goods sold D) Cost of goods sold, raw materials, work in process, finished goods.
Which of the following best describes the term "retained earnings" of a company?
A) The amount of total profits earned by a company since it began operations. B) The amount of claim that the owners have on the assets of the company. C) The future economic resources of a company. D) The accumulated net income of a company that has not been distributed to owners in the form of dividends.