Which of the Following Statements Regarding Convenience Goods and Services

question 260

Multiple Choice

Which of the following statements regarding convenience goods and services is accurate?

• A) Shoppers will exert lots of effort to obtain the product.
• B) Consumers purchase the product on an infrequent basis.
• C) Consumers buy only after carefully comparing quality and value.
• D) Brand awareness and image are important in marketing these products.

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Definitions:

Voucher Register

A voucher register is a record keeping system where vouchers are indexed and stored, detailing the payment of a transaction.

Vouchers Payable

A liability account that records the obligation to pay for goods or services that have been received, but not yet paid for.

Purchases

Transactions involving the buying of goods and services for business operations or resale.

Gross Method

An accounting practice where discounts for prompt payments are not deducted from invoice amounts unless a payment is made within the discount period.