It is advisable for entrepreneurs to make detailed cost calculations for every product or service they are selling. Through this effort, they can price their products competitively without sacrificing their profit margins.
Answer the following statement true (T) or false (F)
False
It is advisable to avoid the time-consuming nature of making detailed calculations for every product, especially if there is a wide product selection. Instead, entrepreneurs should place products in reasonable categories that balance the need for detailed pricing, as compared to managing an ever-expanding database of information.
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Which of the following is a good example of brand repositioning?
A) increasing the market share by reducing the price of the product B) adding a health claim to orange juice C) adding additional features to a product D) increasing distribution
Heckart Corporation purchased plant assets for $120,000 cash. The journal entry to record the outflow of cash is:
a. Investments 120,000 Cash 120,000 b. Plant Assets 120,000 Cash 120,000 c. Plant Assets 120,000 Purchases 120,000 d. Purchases 120,000 Plant Assets 120,000
A limited liability partnership may exempt its partners from personal liability for any partnership obligation
Indicate whether the statement is true or false
Discuss five sources of new-product ideas. What are some techniques could be used to stimulate creative thinking for new-product ideas?
What will be an ideal response?