When Working as a Summer Intern for a Local Retail

question 72

Multiple Choice

When working as a summer intern for a local retail store, Jan Halverson was sent to the library to look up data on population forecasts for the city of San Antonio. The population information she found would be considered

• A) primary data.
• B) secondary data.
• C) information data from syndicated research services.
• D) secondhand data.
• E) a primary database.

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Definitions:

Budgeted Production

The projected quantity of products a company plans to produce in a future period, often used for planning resources and expenses.

Raw Materials Purchases

The acquisition of materials that are directly used in the manufacturing of products.

Production Needs

The specific requirements for manufacturing including materials, labor, and overhead to meet demand.

Master Budget

An all-encompassing financial plan for a company, consolidating all its individual budgets related to sales, cost of goods sold, operating expenses, assets, liabilities, and cash flows.