Vivienne, a College Student with Limited Financial Resources, Was Considering

question 166

Multiple Choice

Vivienne, a college student with limited financial resources, was considering the purchase of a new laptop. She visited several office supply and consumer electronics stores, searching for the lowest price on a reliable new laptop. She devoted a great deal of time and energy to getting the best value for her money. For Vivienne, a laptop was

• A) a specialty product.
• B) an unsought product.
• C) a discretionary product.
• D) a shopping product.
• E) a convenience product.

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Definitions:

Income Summary

An account used in the closing process that summarizes the revenues and expenses for a period, helping to determine the net income or loss.

Revenue Account

An account that tracks the income earned by a business from its normal operations, such as sales of goods or services.

Capital

Financial resources or assets owned by a business, used to fund operations and investments.

Net Loss

A financial situation where the total expenses of a business exceed its total revenues, indicating a negative profit.