Karl's Keychain Company Produces Keychains That Sell in Its Stores

question 84

Multiple Choice

Karl's Keychain Company produces keychains that sell in its stores for $1 each. On January 1, 2015, the company had inventory of 10,000 keychains. During 2015, the company sold 900,000 keychains. At the end of the business year on December 31, 2015, the company's inventory of keychains was 6,000. How much did Karl's output contribute to GDP in 2015?

• A) $900,000
• B) $906,000
• C) $896,000
• D) $904,000

Recognize the role of expert knowledge in driving creativity.

Comprehend the significance and impact of group creativity.

Identify practices that undermine creativity in the workplace.

Understand the influence of self-perception on creativity.

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Definitions:

Price Negotiations

The process of discussing and agreeing upon the prices of goods or services between sellers and buyers.

Personal Selling Process

A direct, one-on-one communication whereby a salesperson persuades a prospective buyer to purchase a product.

Prospecting

The search for potential customers or clients for a business's products or services.

Human Needs

Fundamental requirements that individuals seek to fulfill, such as physiological, safety, love, esteem, and self-actualization needs.