In general, most consumers don't spend a lot of time thinking about their funeral. So some funeral home advertising tries to get them to think about their loved-ones and encourage preplanning their funeral. This is an attempt to get people to think about a product that most consumers do not actively seek. In other words, insurance is a(n) _____ product.
A. heterogeneous shopping
B. specialty
C. unsought
D. business
E. consumer
Answer: C
You might also like to view...
The required rate of return used in the net present value model can also be called the
A) hurdle rate B) minimum acceptable rate of return C) cost of capital D) discount rate E) all of these
Compensatory damages compensate a party injured by a breach of contract by punishing the party that breached the contract
Indicate whether the statement is true or false
Phann Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows:InputsStandard Quantityor HoursStandard Priceor RateStandard CostDirect materials2.8kilos$8.50per kilo$23.80Direct labor0.50hours$22.00per hour 11.00Fixed manufacturing overhead0.50hours$12.00per hour 6.00Total standard cost per unit $40.80?The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $90,000 and budgeted activity of 7,500 hours.During
the year, the company completed the following transactions:a. Purchased 59,000 kilos of raw material at a price of $9.20 per kilo.b. Used 51,340 kilos of the raw material to produce 18,300 units of work in process.c. Assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 8,850 hours at an average cost of $23.70 per hour.d. Applied fixed overhead to the 18,300 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $79,400. Of this total, $22,400 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $57,000 related to depreciation of manufacturing equipment.e. Completed and transferred 18,300 units from work in process to finished goods.Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation.?CashRaw MaterialsWork in ProcessFinished GoodsPP&E (net)?1/1$1,070,000$28,560$0$61,200$523,500=a.?????=b.?????=c.?????=d.?????=e.?????=?Materials Price VarianceMaterials Quantity VarianceLabor Rate VarianceLabor Efficiency VarianceFOH Budget VarianceFOH Volume VarianceRetained Earnings1/1$0$0$0$0$0$0$1,683,260a.???????b.???????c.???????d.???????e.???????When recording the direct labor costs in transaction (c) above, the Cash account will increase (decrease) by: A. ($201,300) B. $201,300 C. $209,745 D. ($209,745)
Reports that are used by high-level managers to assess the overall health and performance of the organization are called ______ ______
Fill in the blank(s) with correct word