Innove Tech Is a Technological Firm That Wants to Build

question 22

Multiple Choice

Innove Tech is a technological firm that wants to build a global service delivery system. It has consulted a larger firm, Ziff Corp., to obtain the proven technology required to establish this system. In the context of the costs of useful information, Innove Tech has incurred _____.

• A) processing cost
• B) retrieval cost
• C) acquisition cost
• D) storage cost

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Definitions:

Note Payable

A written agreement where one party promises to pay another party a specific sum of money, either on demand or at a set future date.

Regulatory Agency

A governmental organization tasked with creating and enforcing rules to regulate and supervise specific industries or activities.

Internal Revenue Service

The federal agency responsible for enforcing U.S. tax laws and collecting taxes.

Creditor

An entity (person or institution) that lends money or extends credit to another entity.