Michael LeBoeuf,author of How to Win Customers and Keep Them

question 9

Multiple Choice

Michael LeBoeuf,author of How to Win Customers and Keep Them for Life,says that a surprising number of yes responses occur:

• A)during the first trial close
• B)on the fourth or fifth closing attempt
• C)during the approach stage of the sales process
• D)after the salesperson asks for the order twice
• E)after the salesperson gives up the sale as lost

---

Definitions:

FIFO Method

"First In, First Out," an inventory valuation method where goods purchased or produced first are sold or consumed first.

Inventory Costing Methods

The techniques used to value and account for inventory, including first-in-first-out (FIFO), last-in-first-out (LIFO), and weighted average cost methods.

Perpetual System

An inventory management method where inventory quantities and cost of goods sold are updated continuously with each sale or purchase.

Periodic System

A method of inventory valuation for financial reporting purposes where a physical count of the inventory is performed at specific intervals to determine the ending inventory balance and the cost of goods sold.