When We Need A(n) ________, Price and Product Quality May

question 57

Multiple Choice

When we need a(n) ________, price and product quality may be irrelevant to our purchase decision.

• A) emergency product
• B) staple product
• C) impulse product
• D) shopping product
• E) unsought product

---

Definitions:

Residual Equity

The amount of equity remaining for shareholders after all liabilities have been deducted from total assets.

Owner's Equity

The assets left over in a business once liabilities are cleared, showing the equity of owners or shareholders.

Spoils

Goods that are damaged or unusable during the production process and cannot be sold to customers.

Monetary Unit Assumption

A financial accounting concept that believes transactions and events can be quantified in terms of money.