Greg Williams Now Has the Buying Power to Purchase the Computer

question 112

Multiple Choice

Greg Williams now has the buying power to purchase the computer system he has wanted for the last six months. Greg's want has become a(n) ________.

• A) need
• B) necessity
• C) demand
• D) exchange
• E) transaction

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Definitions:

Billing Date

The date on which the bill or invoice for goods or services is generated or issued.

Credit Period

The length of time a buyer is given to pay for goods or services received, often without incurring interest.

Discount Period

The time frame between the date of a bill of exchange or a deferred payment and its maturity date, when it becomes payable at a reduced rate.

Economic Order Quantity

A formula used in inventory management for determining the optimal order size that minimizes the total costs of holding and ordering inventory.