Competition Arises When Two or More Businesses Contend with One

question 58

True/False

Competition arises when two or more businesses contend with one another to attract customers and gain an advantage.

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Definitions:

Reportable Segment

A part of an organization that engages in business activities from which it may earn revenues and incur expenses, and whose operating results are regularly reviewed by the organization's chief operating decision maker.

Operating Segment

A component of a business that engages in business activities from which it may earn revenues and incur expenses, including segments with related products, services, or geographic areas.

Quick Assets

Liquid assets that can be rapidly converted into cash without significantly affecting their value, including cash, marketable securities, and receivables.

Current Receivables

Financial assets expected to be converted into cash within one year, including money owed by customers (accounts receivable).