Marketing Knowledge and Skills

question 20

Multiple Choice

Marketing knowledge and skills

• A)are not necessary for a nonprofit organization.
• B)enhance consumer awareness and help provide people with satisfying goods and services.
• C)constitute the marketing mix.
• D)were most important during the production era.
• E)are most valuable for advertising executives but less important for wholesalers and distributors.

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Definitions:

Purchase Order

A formal document issued by a buyer to a seller, detailing the products or services ordered and the agreed-upon prices.

Accounts Payable

Liabilities of a business that are due to suppliers and creditors for goods, services, or supplies purchased on credit but not yet paid for.

Restricted Fund Method

An accounting approach used for reporting funds that have restrictions placed on them by donors or grantors.

Deferral Method

An accounting technique that postpones the recognition of income or expenses until a future date.