In A(n) _____, Companies Invite Sellers to Submit Bids for Products

question 100

Multiple Choice

In a(n) _____, companies invite sellers to submit bids for products and services so that the buyer can choose the seller that offers the service or product at the lowest price.

• A) reverse auction
• B) absolute auction
• C) no reserve auction
• D) minimum bid auction

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Definitions:

Operating Segment

A component of a company that engages in business activities from which it may earn revenues and incur expenses, and about which separate financial information is available.

Reportable Segment

A component of an enterprise that is distinguished by business activities, geographical areas, or products and services, requiring separate financial disclosure under accounting standards.

Revenue

The total income generated by a company from its normal business operations, before any expenses are deducted.