Groups of a Small Number of People from Different Departments

question 52

Multiple Choice

Groups of a small number of people from different departments in an organization who are mutually accountable to accomplish a task or a common set of performance goals are referred to as

• A)designated teams.
• B)strategic business units.
• C)cross-functional teams.
• D)business committees.
• E)venture squads.

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Definitions:

Warranty Expense

Costs associated with the obligation to repair or replace defective products sold to customers, recognized as a liability.

Estimated Liability

A probable future outflow of resources, arising from past transactions or events, the amount of which is not certain.

Cash Discounts

A reduction in invoice amount offered by sellers to buyers as an incentive for early payment.

Trade Accounts Payable

Liabilities owed to suppliers for goods and services received that are yet to be paid for by the business.