A Review of the Personal Selling Process Indicates That Selling

question 143

Multiple Choice

A review of the personal selling process indicates that selling is

• A) a matter of establishing relationships.
• B) getting a name on a sales contract.
• C) about 90 percent luck and 10 percent skill.
• D) giving way to computers in responding to consumer needs.

Distinguish between permanent and term life insurance, and understand their applications.

Acknowledge the importance of the financial stability of insurance companies and how it affects policyholders.

Realize the importance of aligning life insurance coverage with changing personal financial needs over time.

Understand the methodology to calculate life insurance needs and the factors affecting life insurance premiums and coverage.

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Definitions:

Perpetual Inventory System

A system of inventory accounting that instantly logs inventory sales or purchases using computerized point-of-sale systems and software for enterprise asset management.

Gross Method

An accounting method where purchases are recorded at their full (gross) cost without deducting any cash discounts.

Credit Terms

Conditions under which credit is extended by a lender to a borrower, including the repayment period, interest rate, and the amount of the loan.

Sales Discounts

Reductions in the sale price offered by a seller to a buyer, typically to encourage prompt payment or in response to bulk orders.