In Terms of Price, Which Type of Consumer Product Would

question 89

Multiple Choice

In terms of price, which type of consumer product would be relatively inexpensive?

• A) shopping product
• B) convenience product
• C) specialty product
• D) unsought product
• E) supplies

---

Definitions:

Master Budget

A number of separate but interdependent budgets that formally lay out the company’s sales, production, and financial goals and that culminates in a cash budget, budgeted income statement, and budgeted balance sheet.

Sales Budget

A financial plan detailing the anticipated revenues based on projected sales for a specific period, often used for planning and controlling purposes.

Operating Budget

An estimate of income and expenditure for a set period of time.

Production Budget

An estimate of the total cost of production, including materials, labor, and overhead, for a specific period.