Consumer Products Refer to

question 323

Multiple Choice

Consumer products refer to

• A)products used in the production of other items.
• B)products purchased by the ultimate consumer.
• C)products a consumer will make an effort to seek out and buy.
• D)items purchased frequently and with a minimum of shopping effort.
• E)products that assist directly or indirectly in providing products for resale.

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Definitions:

Weighted-average

A calculation that takes into account the varying degrees of importance or quantities of different items in a data set, providing a figure that reflects their proportional contributions.

Materials

Substances or components used in the production or manufacturing of goods.

Equivalent Unit

A measure used in cost accounting to express the amount of work done on incomplete units in terms of fully completed units.

Materials

The raw inputs or components that are used in the manufacturing process to create finished goods.