List and briefly describe any three different kinds of sales quotas
What will be an ideal response?
a. Sales volume based quotas – the most commonly used quota is based on sales volume in dollars or units sold. Quotas could be based on total sales volume or on individual product or product line sales.
b. Profit based quotas – these quotas are stated in terms of profit margins. Such quotas steer the salespeople toward the products and services that are the most profitable to the company rather than those that are the highest priced or easiest to sell.
c. Combination quotas – these quotas are based on the different activities that must be performed by a salesperson as well as sales or profits.
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Preventive controls are designed to prevent the occurrence of a misstatement
a. True b. False Indicate whether the statement is true or false
The internal audit department at Monument Company receives electronic exceptions reports for all sales transactions entered over $10,000 in total. This process is performed for which purpose?
a. Drafting financial statements. b. Monitoring revenue transactions. c. Providing management reports to the controller. d. Providing suggestions for operational improvement.
Prepaid incentives have been shown to increase response rates to a greater extent than promised incentives
Indicate whether the statement is true or false
Globalization and financialization are facilitated by:
A. International Labor Standards B. corporate codes of conduct and the labor movement C. tariffs and quotas D. free-market public policies and advances in information technology