Regarding Bid Pricing

question 236

Multiple Choice

Regarding bid pricing:

• A) the same overhead charges and profit rates should apply to all bids-to avoid legal problems.
• B) most firms should try to bid for as many jobs as possible-to spread risk.
• C) all business buyers are legally required to accept the lowest bid-if they ask for bids.
• D) the big problem for sellers is estimating all the costs-including the variable and fixed costs-that apply to a particular job.
• E) All of these alternatives are correct.

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Definitions:

Leadership

The ability to guide, inspire, and influence others to achieve a common goal, often involving vision, communication, and decision-making skills.

Business Strategy

A plan of action designed to achieve a long-term or overall aim within the competitive setting of a business.

Disadvantages

The negative or less favorable aspects of something that may hinder success or efficiency.

Designated Groups

Categories of people identified for special consideration or protection under laws or policies, often related to employment equity.