Define the Term Fiduciary and Explain the Responsibilities of a Fiduciary

question 10

Essay

 Define the term fiduciary and explain the responsibilities of a fiduciary.

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Definitions:

Cost-Based Pricing

Formulas that calculate total costs per unit and then add markups to cover overhead costs and generate profits.

Personal Selling

A direct form of marketing that involves a salesperson presenting the benefits of a product directly to a customer in order to make a sale.

Price Fixing

An illegal practice where businesses agree on the prices of their products or services, instead of letting market forces determine them.

Odd Pricing

A pricing strategy that sets prices at figures ending in odd numbers, like $4.99, under the belief that they seem lower to consumers.