Which of the Following Statements Most Accurately Describes the Industrial

question 2

Multiple Choice

Which of the following statements most accurately describes the industrial age?

• A) Most manufacturers implemented positioning strategies.
• B) Manufacturers found research groups to study consumer attitudes and preferences.
• C) Each manufacturer sought to sell its own brand based on its own special qualities.
• D) Manufacturers were principally concerned with production.
• E) The invention of television dramatically changed how manufacturers communicated with consumers.

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Definitions:

General Journal

A bookkeeping ledger that records each financial transaction of a company in chronological order.

Net Income

The total earnings of a company after subtracting all expenses and taxes from total revenue; often referred to as the bottom line.

Revenue and Expense Account Balances

The amounts recorded in accounts tracking the income earned and expenses incurred by a business over a period of time.

Owner's Capital Account

An equity account on the balance sheet representing the owner's investment and retained earnings in the business.