Data Is Useful for Understanding Individual Sales, but to Gain

question 236

Multiple Choice

Data is useful for understanding individual sales, but to gain deeper insight into a business data needs to be turned into information. Which of the following offers an example of turning data into information?

• A)Who are my best customers?
• B)What is my best-selling product?
• C)What is my worst-selling product?
• D)All of the above

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Definitions:

Scale Reduction

The process of decreasing the size or output level of operations in a business or economic system.

Total Cost

The complete cost of production, including both fixed and variable costs, for a specific level of output.

Variable Cost

Costs that change in proportion to the level of production or sales, such as materials and labor.

Loan

A loan is a sum of money borrowed that is expected to be paid back with interest.