Mike Sells $10,000

question 67

Short Answer

Mike sells $10,000.00 worth of product; the owner gives him $2,000.00.This is called a(n)________.

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Definitions:

Customs Act

Legislation that governs the importation and exportation of goods in and out of a country.

Wrong Rate

The incorrect or inappropriate pricing rate applied to a service, product, or financial transaction.

Licensing

The act of granting permission to use intellectual property rights, such as patents or trademarks, under agreed terms and conditions.

Foreign Distribution Agreements

Contracts between companies for the distribution of goods or services in countries other than their own.