Updating Your Product or Service Knowledge Is Done By

question 8

Multiple Choice

Updating your product or service knowledge is done by:

• A) contacting suppliers to get new updates sent out
• B) taking the time to have a coffee out of the office when company representatives visit
• C) attending motivational seminars
• D) regularly changing the format of the information of your products or services you have on file

Recognize the components of the balanced scorecard approach and its perspective exclusion.

Determine the correct treatment of variance accounts within financial reporting.

Understand the implications of reporting costs at standard versus actual costs for external financial statements.

Understand the motives for holding money in an economy.

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Definitions:

Privity of Reversion

A legal concept relating to the rights of individuals who have a future interest in property currently possessed by another.

Distrain

The right to seize someone's property in order to compel payment of debts or obligations.

Default

Failure to fulfill a legal obligation or agreement, commonly referring to the inability to make timely payments on a loan.

Payment of Rent

The act of providing monetary compensation typically on a monthly basis, by a tenant to a landlord, for the use of property such as residential housing or commercial space.