A Group of Product or Service Items That Are Closely

question 110

Multiple Choice

A group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same types of outlets, or fall within a given price range is referred to as a

• A) product class.
• B) product mix.
• C) product category.
• D) marketing category.
• E) product line.

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Definitions:

Contribution Format

A way of presenting an income statement where variable costs are deducted from sales to show contribution margin before fixed costs are subtracted to show net operating income.

Income Statement

An income statement is a financial document that summarizes a company's revenues, expenses, and profits over a specific period, showing its financial performance.

Selling Price

The amount charged to the customer for a product or service, determining the revenue generated from sales.

Net Operating Income

A company's revenue minus operating expenses, not including taxes and interest.