How Do Services Differ from Goods? Identify Five Ways

question 108

Essay

How do services differ from goods? Identify five ways.

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Definitions:

Controlling

In management, it refers to the process of setting standards, measuring actual performance, and taking corrective action to ensure the achievement of an organization's objectives.

Budgeted Goals

Objectives set during the budgeting process that financial and operational plans aim to achieve within a specific time frame.

Cash Budget

A cash budget is a financial plan that estimates the cash inflows and outflows over a specific period, helping businesses manage their liquidity and financial stability.

Minimum Cash Balance

The least amount of cash a business decides to keep on hand to meet immediate needs, often set as a part of cash management policies.