Customs and Practices of the Business That Are Known by People

question 34

Multiple Choice

Customs and practices of the business that are known by people in the business and that are usually assumed by parties to a contract for goods of that type are known as ________.

• A)usage of trade
• B)warranties
• C)courses of action
• D)fair norms

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Definitions:

Sales Margin

The difference between the selling price of a product and its cost of sales, usually represented as a percentage of sales.

Changing Technology

The rapid evolution and adoption of new techniques, tools, and software which can disrupt industries and alter business operations.

Scrap

Material waste or remnants resulting from manufacturing processes, which may have a recoverable value or can sometimes be reused or recycled.

Inventory

The raw materials, work-in-progress products, and finished goods considered to be the portion of a business’s assets that are ready or will be ready for sale.