The Factor That Determines Whether a Product Is Classified as a Consumer

question 196

Multiple Choice

The factor that determines whether a product is classified as a consumer product or an industrial product is:

• A)whether the good is new or used.
• B)what the company CEO decides.
• C)the end use of the product.
• D)the decision-making process used to purchase the good or service.

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Definitions:

Private Pension Plan

A retirement plan established by an employer or a union that provides an income to employees after retirement, funded primarily through employer contributions.

GST

Goods and Services Tax; a value-added tax levied on most goods and services sold for domestic consumption.

Child Care Benefits

Assistance provided by employers or government entities to employees for child care, aiming to support working parents.

Defined Contribution Plans

Defined contribution plans are retirement savings plans where the amount contributed is defined, but the benefit received at retirement depends on the investment's performance.