When a Sales Order Has Been Entered into the System

question 141

True/False

When a sales order has been entered into the system, the customer's credit status must be checked.For existing customers, the sale on account should be approved only if the customer has exceeded their credit limit.

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Definitions:

Downward-Sloping

Describes a line on a graph that decreases in height as it moves from left to right, indicating a negative relationship between two variables.

Inelastic Demand

A situation where the demand for a product does not significantly change with a change in the product's price, indicating that consumers are less sensitive to price changes.

Total Revenue

The total receipts from sales of a given quantity of goods or services. It is the total income of a business from its sales activity.

Price

The amount of money required to purchase something or the value that consumers are willing to exchange for a good or service.